Apart from properties exempt from Business Rates, each non-domestic property has a rateable value. This is normally set by the valuation officers form the Valuation Office Agency (VOA), part of the Inland Revenue. It draws up and maintains a full list of all rateable values, which are on GOV.UK.
The rateable value of your property will be shown on the front of your bill. This broadly represents the yearly rent the property could have been let for on the open market on a particular date. For the revaluation that came into effect from 1 April 2023, the Valuation Office used open market rental values as at 1 April 2021.
To appeal against the rateable value
A valuation officer may alter the value if the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) can appeal against the value shown in the list if they believe it is wrong. Details to make an appeal can be found on GOV.UK.
Making an appeal against your Business Rates does not allow you to withhold payment of your Business Rates. You must continue to pay as billed. If your appeal is successful we will refund any overpaid Business Rates.
What are the standard rate multiplier and small business rate multiplier?
The national non-domestic rating multiplier is the rate in the pound by which, outside the City of London where special arrangements apply, the rateable value is multiplied to produce the annual rate bill for a property. It is set annually by Government, in line with CPI inflation increases, unless it Government decides to underrate or freeze the multiplier.
To calculate the gross annual rates of a property, the rateable value is multiplied by the standard rate multiplier - a sum of money that changes from year to year. As of 1 April 2024, the standard rate multiplier will be 54.6 pence. Eligible small businesses will pay the small business multiplier 49.9 pence. The standard multiplier is used for properties with a rateable value of £51,000 or above. The small multiplier is used for properties where the rateable value is below £51,000.
You can find a list of current multipliers and how to estimate your business rates on GOV.UK.