Apart from properties that are exempt from business rates, each non-domestic property has a rateable value which is normally set by the Valuation Office Agency (VOA). It draws up and maintains a full list of all rateable values. The rateable value of your property will be shown on the front of your bill. The rateable value broadly represents the yearly rent the property could have been let for on the open market on a particular date. The Valuation Officer has to maintain the list and may alter the value if he or she believes that the circumstances of the property have changed. You can find more information about the most recent revaluation on our dedicated revaluation page. 

Understanding your rateable value 

Business rates are based on your property’s rateable value. The Valuation Office Agency (VOA) maintains the Non-Domestic Rating List. This includes setting the rateable values of business properties. To understand why your property has a certain rateable value you can find out more about How business rates are calculated.  

Appeals

The rate payer, (and certain others who have an interest in the property), can also appeal against the value shown in the list if they believe it is wrong using the VOA’s Check, Challenge and Appeal process. Find and correct your business rates valuation.

National non-domestic rating multiplier

The council calculates the business rates bill by multiplying the rateable value of the property by the multiplier or ‘poundage’, which the Government sets from 1st April each year for the whole of England. This amount, however, may vary because of the affects of the transitional scheme. The Government normally changes the multiplier every year to move in line with inflation. By law, the multiplier cannot go up by more than the rate of inflation, except in the year of a revaluation when it is set at a level which will keep the total amount raised in rates after the revaluation the same as before, plus inflation for that year.

At the Autumn statement 2023 the Chancellor announced that as from 01/04/24:

• the small business multiplier will be frozen at 49.9p and will be applied to all hereditaments with a RV below £51,000. This also applies to unoccupied hereditaments and those occupied by charities
• the standard multiplier will be uprated in April by September’s CPI figure (6.7%), increasing the multiplier from 51.2p to 54.6p