How business rates are worked out

The rateable value of each business property is used as the basis for the calculation of the business rates payable.

The current values, which came into effect on 1 April 2010, are based on the annual open market rental value figures as at 1 April 2008. These values are now available on the Valuation Office Agency website.

The Valuation Officer may alter the value of a property if he believes that the circumstances of the property have changed. The ratepayer may also propose a change in value. If there are any circumstances where the ratepayer and Valuation Officer do not agree, the matter will be referred as an appeal to the Valuation Tribunal.

Calculation of liability

The rating multiplier (also sometimes referred to as the Uniform Business Rate or UBR) is a key factor in the calculation of your rates bill. it is set annually by central government and determines the percentage (expressed as pence in the pound) of the rateable value of the property that you will pay in business rates.

Since April 2005, two multipliers have been in effect. The small business multiplier, applicable to those businesses eligible for Small Business Rate relief, is set at  42.6p ( 2011/12 ).

The standard multiplier, which includes the supplement to pay for small business rate relief, is set at 43.3p (2011/12).

The multipliers for each financial year are shown below: