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.
These multipliers for 2020/21 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 2020/21 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.
Last Updated on Monday, July 13, 2020