Your rateable value (RV) is an estimate of the yearly rent at which your property might reasonably have been let if it had been on the market on 1st April 2015.
Revaluation and rateable values
These are usually carried out every five years. The Valuation Office Agency (VOA) are responsible for carrying out these reviews and they notify the council of any changes in rateable values. The VOA completed a revaluation of rateable values which took effect from 1st April 2017. View your rateable value.
Your RV is multiplied by a ‘multiplier’ (set by the Government) to produce your annual business rates bill.
As set out in the Spending Review published on 25 November 2020, the Government has decided to freeze the business rates multipliers in 2021/22.
These multipliers for 2021/22 are 51.2p for those properties with an RV greater than £51,000 and 49.9p for those with an RV less than £51,000.
Based on the full 2021/22 multiplier, for example, if your rateable value is £20,000, the calculation will give a figure of £9,980.00 to pay for the year.
(20,000 x 49.9p).
If your property has a Rateable Value of less than £15,000 then you may be able to claim some Small Business Rate Relief.
The Valuation Office Agency (VOA) values all business properties for business rates. The valuation is based on information the VOA holds about your property.
You can contact the VOA. If you are unable to use the online service you can also contact the VOA on 03000 501 501
The VOA is contacting businesses to request rental information to support the next revaluation of business rates in England and Wales – Revaluation 2023.
If you receive a request please complete and submit your up-to-date details. It is important to provide this information to ensure business rates are fair and accurate.
Last Updated on Thursday, April 15, 2021