How Business Rates are calculated

Business Rates are worked out based on your property's Rateable Value:

From 1st April 2017 it was its open market rental value on 1st April 2015, based on an estimate by the Valuation Office Agency (VOA).
From 1st April 2023 it's the open market rental value on 1st April 2021.

You can find out your business property’s Rateable Value (RV) using the VOA service:

Find and check your Business Rates valuation - on the GOV.UK website

The Rateable Value is then multiplied by the correct multiplier. This is an amount set by the government.

If your Rateable Value is £51,000 or more, we use the standard multiplier. This also applies if your business is a registered charity, and for empty properties.

If your Rateable Value is below £51,000, we use the small business multiplier.

You can estimate your Business Rates by using the correct multiplier, as detailed below. Your bill will be reduced if your property is eligible for a relief or exemption.

Current multiplier rates for 2024/25:

Current rate in the pound figures from 1st April 2024
Financial year	Standard multiplier for RVs of £51,000 and over	Small business multiplier for RVs of below £51,000
2024/25	£0.546	£0.499

Previous rate in the pound figures
Financial year	Standard multiplier for RVs of £51,000 and over	Small business multiplier for RVs of below £51,000
2023/24	£0.512	£0.499
2022/23	£0.512	£0.499
2021/22	£0.512	£0.499
2020/21	£0.512	£0.499
2019/20	£0.504	£0.491

Example:

You have a Rateable Value of £10,000
Your multiplier rate for 2024/25 is therefore £0.499
So your Business Rates for the year, before any deductions, would be £4,990 (£10,000 x £0.499)

If you have a query regarding your Business Rates valuation you can contact the VOA:

Contact the VOA - on the GOV.UK website

Revaluation

The VOA regularly reassess and adjust the Rateable Value of business properties to reflect changes in the property market. In the Spring Statement on 13th March 2018 the government announced that the next re-assessment will be from 2023 and legislation has subsequently been passed confirming that it will take effect from 1st April 2023.

Business Rates revaluation 2023

If you think your Business Rates are wrong

If you think your Rateable Value is wrong you can submit a challenge to the VOA. For more information on how to check and challenge your valuation please see: