How are Business Rates Worked Out?
Rateable Value
All non-domestic properties are given a Rateable Value by the Valuation Office which is an executive agency of the Inland Revenue.
Current valuations (effective from 1st April 2005) are based on the open market rental value of the property at 1st April 2003. All properties are re-valued every five years.
If you disagree with the Rateable Value applied to your property you may be able to appeal against it. See our information on how to make an appeal.
You can check your Rateable Value on-line at http://www.voa.gov.uk
The Multiplier
The amount you are charged is calculated by multiplying the Rateable Value by the Multiplier set each year by the government (sometimes known as the ‘rate poundage’).
For 2006/2007 the government has set a standard multiplier of 43.3 pence in the pound, so you would multiply the Rateable Value by 0.433.
Reductions
There are various ways that your Business Rates bill may be reduced. See the sections called Transitional Relief, Rural Rate Relief, Charitable Relief, Small Business Rate Relief and Amateur Sports Clubs Relief.
If you have any query regarding the calculation of Business Rates please contact the Customer Services team.
| ||||||
