Understanding your bill
How much will I pay?
Your charge is calculated by multiplying the rateable value of your property by the national non-domestic rating multiplier. This will normally be the amount you pay, but it could be increased/reduced if your property is subject to . It may also be reduced by any applicable reductions or reliefs.
Other than exempt properties, each non-domestic property has a rateable value set by the Valuation Office Agency (VOA), which is an executive agency of HM Revenue and Customs (HMRC). The rateable value broadly represents the yearly rent which the property could have been let for on the open market on a particular date.
- Since 1 April 2017, the valuations were based on a date of 1 April 2015.
- From 1 April 2023, these valuations are based on the date of 1 April 2021.
The VOA regularly reassess and update the rateable values of all business properties, to maintain fairness in the system and reflect changes in the property market. The last revaluation came into effect on 1 April 2017.
The next recently completed revaluation will come into effect from 1 April 2023.
If you think your rateable value is wrong
The Valuation Office Agency (VOA) is responsible for creating and maintaining the list of all rateable values and valuing all non domestic properties for business rates. The valuation is based on information the VOA holds about your property.
You are able to see the current and future rateable value for your property, including the basis of calculation, and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA's Find a Business Rates Valuation Service on GOV.UK.
If you have reason to believe that your rateable value is not correct, follow the instructions on the site, to check and challenge the values.
To tell the VOA about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The VOA may accept your changes and update the current and future valuations.
From 1 April 2023, you will need to use a business rates valuation account to tell the VOA if you think your rateable value is too high.
You must continue to pay your business rates as normal until a decision has been made.
Changes regarding the 2023 list can only be instigated from 1 April 2023 when the list comes into force.
You can contact the VOA at gov.uk/contact-voa. If you are unable to use the online service you can also contact the VOA on 03000 501 501.
Two non-domestic multipliers, or 'poundages', as shown on the front of your bill, are set annually by the government to move in line with inflation. From 1 April 2017 onwards, business rate charges for properties with a rateable value of less than £51,000 are calculated using the smaller multiplier. As part of the Governments support plan outlined in the 2022 Autumn Statement these multipliers have been frozen at the current level.
|Year||Standard Multiplier||Small Business Multiplier|