Business rates revaluation 2023
The Valuation Office Agency (VOA) has updated the rateable values of all business and other non-domestic properties in England and Wales from 1st April 2023. This is called a revaluation.
Rateable values are the amount of rent a property could have been let for on a set valuation date, which for the 2023 valuation was 1 April 2021.
The next revaluation will come into effect on 1 April 2026
Contacting the Valuation Office Agency
The VOA is responsible for the valuation of your property. You can contact the VOA for all queries about your rateable value.
Their email address is: email@example.com
Finding your rateable value
You can see how the rateable value for your property has been calculated. You can do this by using the find a business rates valuation tool on the GOV.UK website.
2023 to 2024 Business rate multipliers
Small business rate multiplier: 49.9 pence in the pound.
Standard rate multiplier: 51.2 pence in the pound.
Crossrail business rate supplement (BRS) - 2023 to 2024
For properties with a rateable value of more than £75,000, the GLA has levied a business rate supplement of 2p per pound of rateable value to contribute towards the cost of Crossrail. For more information visit, paying for Crossrail: business rate supplement.
The Valuation Office Agency (VOA) is urging businesses to protect themselves from rogue business rates agents.
New rateable values for business properties came into effect in April 2023. Councils used these new values to calculate business rates bills.
Businesses can challenge their valuation if they think it’s incorrect and can use a rating agent do this. The vast majority of 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.
Businesses can manage their own business rates by creating a Business Rates Valuation Account on GOV.UK. The VOA has produced a checklist to help businesses if they want to use a business rates agent. Businesses are encouraged to visit GOV.UK for more advice on how to choose a reputable agent.