How are my Business Rates calculated?

All non domestic properties are given a rateable value by the Valuation Office Agency (VOA) which is part of HM Revenue & Customs. They base their assessment on the annual rent for your property would be if it were let on the open market as at 1st April 2003. All rateable values are calculated using this date so each assessment is considered fair. For more information regarding your rateable value and how it is determined please visit the VOA website in related links below.

The rateable value of your property is not the amount you will pay in Business Rates. To calculate your bill we multiply the rateable value by a figure called the national multiplier. This is a figure set by Central Government each year and is a rate in the pound which every local authority must use to calculate Business Rates bills.

For example: The national multiplier for this financial year 2011/2012 multiplier is 0.433, so a property with a rateable value of £10000 would have an overall bill for £4330.00

This overall total can then be affected by discounts or reliefs that you may be entitled to.