Business rates

The amount of business rates you pay is set by the Valuation Office Agency (VOA).

This amount is based on the rateable value of your property from the valuation date of 1 April 2021.

Find out how the VOA decides on the rateable value

Find and check your business rates valuation on GOV.UK

Business rate multipliers

The rateable value is then multiplied by a figure called the business rates multiplier which is set by the government each year.

The 2024 to 2025 multipliers are:

• 54.6 pence per pound for properties with a rateable value of £51,000 or more
• 49.9 pence per pound for properties with a rateable value below £51,000.

Estimate your business rates on GOV.UK

Rogue business rates agents

You can challenge your property’s valuation if you think it’s incorrect. You can use a rating agent to do this.

Most agents are reputable and provide a good service, but some rogue agents submit inaccurate information. This could result in penalties or increased rates bills for businesses.

You can manage your own business rates by creating a Business Rates Valuation Account on GOV.UK.

The VOA has created a checklist to help businesses if they want to use a business rates agent.

Businesses are encouraged to visit GOV.UK for advice on choosing a reputable agent.

Changes to your property

If your property details need to be changed for example if the floor plan has altered, you should use the Find a Business Rates Valuation Service to tell the Valuation Office Agency (VOA) about the changes

You'll need to set up a business rates valuation account. The VOA may accept your changes and update the valuation, but you should continue to pay your business rates. 

You can ask the VOA to check your valuation if you think your rateable value is too high. 

Ways Coronavirus (COVID-19) affected rateable values

The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date. The 2023 valuation was based on 1 April 2021, during the pandemic, and the rent information the VOA used reflects this. 

Business rates valuation

The VOA regularly assesses and updates the rateable values of all business properties. The next revaluation is due in 2026. This is to ensure the system is fair by redistributing the total amount payable in business rates to reflect changes in the property market. 

Revaluation does not raise extra revenue overall.