Calculations explained

We calculate how much you have to pay by applying a rating multiplier to your rateable value and deducting any relief to produce your final bill.

Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021.

We use these rateable values to calculate business rates bills.

Revaluations are carried out to reflect changes in the property market. This means that business rates bills are based on more up-to-date information.

The recent revaluation came into effect on 1 April 2023.

The next revaluation is due in 2026.

The rating multiplier is set annually by central government.  The multiplier is normally uprated by CPI inflation each year unless government decides to freeze or underrate a multiplier.

The 2023/24 multiplier rates are:

• 51.2p - standard rate multiplier
• 49.9p - small business multiplier

For 2024/25 multiplier rates are:

• 54.6p - standard rate multiplier
• 49.9p - small business multiplier

From 1 April 2024 small business multiplier is used for all properties with a rateable value of less than £51,000. Prior to this date empty and charitable properties were excluded.