How your business rates are worked out
The amount you pay in business rates is based on your property's rateable value. The rateable value is calculated by the Valuation Office Agency. Your business rates bill is calculated by multiplying the rateable value of the property by the 'rate multiplier'. There are two rate multipliers set annually by central Government.
- The small business multiplier, which applies to business premises with a rateable value of less than £51,000
- The standard multiplier, which applies to all other businesses with a rateable value greater than £51,000.
The Valuation Office Agency revalues properties for business rates periodically. Revaluations have usually occurred every five years. A revaluation last took place on 1 April 2017, however, central Government have announced that the next revaluation will be 2021 and future revaluations will be more frequent on a three yearly basis taking effect 2024.
To find out more visit Gov.UK - Business Rates, Revaluation