Your business rates bill is calculated by multiplying the rateable value of your property by a uniform business rate (UBR) multiplier.

Any relief or other adjustment to which you are entitled is then applied.

The rateable value and the UBR multiplier are both calculated and maintained by the government’s Valuation Office Agency (VOA) and by central government, not by us.

Find out more about business rates on GOV.UK.

Rateable value

A property’s rateable value is normally based on an assessment of the annual rent the property would demand if it was available to let on the open market at a fixed valuation date.

The latest rating lists came into effect on 1 April 2023 and are based on a valuation date of 1 April 2021.

Rateable values are reviewed every five years – the next review will take place in 2026.

You can check your property’s rateable value on the VOA’s business rates webpages and, if necessary, appeal against your rateable value.

Uniform business rate multiplier

The business rate multiplier for 2024/25 is 54.6p, or 49.9p for small businesses.

From 1 April 2024, business rates for properties with a Rateable Value of £50,999 or less will be calculated using the small business multiplier.

This means that for every £1 of rateable value, a ratepayer is required to pay 54.6p or 49.9p in business rates (before any relief is taken into account).

The 2023/24 multiplier was 51.2p, or 49.9p for small businesses.

Transitional arrangements

If your rates bill has changed significantly as a result of a revaluation, it may be affected by a transitional adjustment.

Transitional arrangements soften the impact of revaluation by phasing in increases or decreases to business rates over a period of time.

We calculate transitional relief automatically, and reflect it in your bill.