Calculate your 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 2015.
The rateable value is then multiplied by a figure called the business rates multiplier which is set by the government each year.
The 2022 to 2023 multiplier has not increased and remains at:
- 51.2 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.
Business rates valuation
The VOA regularly reassess and update the rateable values of all business properties. This is called a revaluation and is next due in 2023. This is done to ensure the system is fair by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
If you don’t think your rateable value is correct you can:
- Check, review and confirm the facts about your property held by the VOA
- Challenge your valuation once the facts are established by explaining to the VOA why you believe your valuation is wrong
- Appeal – you will not be able to appeal (and you may not need to) until you have completed the Check and Challenge.