The amount of rates payable takes two factors
into account, the rateable value of a property and the 'multiplier'
Rateable values are determined by the
Valuation Office Agency, which is an
executive agency of the Inland Revenue.
Rateable values normally change every five years
to reflect market values. This is called
revaluation. The last revaluation took place in
2010. Subject to royal assent being granted to the
Growth and Infrastructure Bill, the next revaluation will be
postponed until 2017 to provide greater stability for businesses to
encourage economic growth.
Rateable values are based on the size of a
property, and can change as a result of structural alterations to
the business. The multiplier is a figure worked out by the
Government for each rate year (1st April to 31st March).
Currently the multiplier is only allowed to change each
year in line with inflation.
Based on the full 2013/2014 multiplier, for
example, if your rateable value is £20,000, the
calculation will give an amount of £9,420 to pay for the year.
What discounts and reductions are available?
Transitional Relief is an adjustment to the bill
where rates increase significantly following a revaluation in
order to phase in the change gradually. Unfortunately this
works the opposite way if rateable values decrease significantly.
In this situation, a transitional surcharge can apply.
Mandatory and Discretionary Relief are
reductions to your Business Rates for a property occupied by a
registered charity or by a non-profit making organisation.
Relief may also be given to Post Offices or similar small
community operations in rural areas.
Small Business Rate Relief was introduced from
1st April 2005. If you have a business with a rateable value
less than £18,000 you may be able to qualify. For advice on
how the scheme works and how to claim see our Small Business Rate Relief page.
To obtain information on these reliefs or make an
application, either contact the Business rates Team on 01909 533460
or download a copy for the relevant relief:
Last Updated - 15/03/2013