Business rates information - Your rateable value

Your rateable value (RV) is calculated by the Valuation Office Agency (VOA) using 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.

The VOA are responsible for carrying out reviews, also known as a Revaluation. Revaluations previously took place every five years, and the VOA notify the council of any changes in rateable values. The VOA last completed a revaluation of rateable values which took effect from 1st April 2017 and the next revaluation is due to take effect from 1 April 2023. It is then expected that the revaluations will take place every three years. View your rateable value (external link).

Find a business rates valuation - GOV.UK (external link)

Your RV is multiplied by a ‘multiplier’ (set by the Government) to produce your annual business rates bill.

As set out in the Autumn Budget on 27 October 2021, the Government has decided to freeze the business rates multipliers in (2022/23)

These multipliers for (2022/23) 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 (2022/23) 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 (external link).

You can contact the VOA (external link). 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 (external link). It is important to provide this information to ensure business rates are fair and accurate. You can find more information at providing rental information for Revaluation 2023 (external link).

 

 


Last Updated on Friday, March 11, 2022