How much?
Your bill shows the rateable value that applies to your property. The amount on your bill is calculated by multiplying the rateable value (set by the Valuation Office Agency) by the multiplier (set each year by the government), allowing for transitional relief where applicable.
Transitional arrangements limit the increases/reductions each year in bills. See the business rates explanatory notes
Multiplier
We work out your business rates bill by multiplying the rateable value of the property by the appropriate multiplier. There are two multipliers for 2023/24:
- the standard non-domestic rating multiplier: 51.2p
- the small business non-domestic rating multiplier: 49.9p
The former is higher to pay for small business rate relief. Except in the City of London where special arrangements apply, the government sets the multipliers for each financial year for the whole of England according to formulae set by legislation.
Between revaluations the multipliers change each year in line with the retail price index in September of the previous year and to take account of the cost of small business rate relief.
Reductions
There is a range of reductions available in certain circumstance. Read more about business rates reductions.
Revaluation 2023
All rateable values are reassessed at a general revaluation to ensure bills paid by any one ratepayer reflect changes over time in the value of their property relative to others. This helps maintain fairness in the rating system by updating valuations in line with changes in the market. The current rating list is based on the 2023 revaluation.
More information on revaluation 2023 can be found on the VOA pages at GOV.UK.
In the year of revaluation the multipliers are rebased to account for overall changes to total rateable value and to ensure that the revaluation does not raise extra money for the government. Similarly, the change in the revaluation date to 2023 has no effect on the total amount of revenue raised from business rates.
Who has to pay?
The occupier of a non-domestic property normally pays the business rates. Usually this is the owner-occupier or leaseholder. If a property is empty, the owner or leaseholder will be liable - see exemptions.
What is a non-domestic property?
Non-domestic properties are business properties such as shops, offices, warehouses and factories, and any other property that is not classed as domestic. In some cases property can be used for both domestic and non-domestic use (for example, a shop with a flat above it), in which case we will charge council tax and business rates. These properties are called ‘composite properties’ and appear on both the council tax and rating lists for the borough.
What if I offer bed and breakfast accommodation or hire out a holiday home?
If you offer bed and breakfast accommodation in your own home to six people or less, you will not have to pay business rates as long as you also live in the property. You will have to pay council tax for the whole property.
If you hire out your holiday home for more than 140 days a year, or you provide bed and breakfast for more than six people at any one time, you will have to pay business rates on that part of the property. You will still have to pay council tax on the part of your property you use as your home.
Find out about business rates reductions and exemptions for some properties.