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
We work out your business rates bill by multiplying the rateable value of the property by the appropriate multiplier. There are two multipliers for 2019/20:
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.
There is a range of reductions available in certain circumstance. Read more about business rates reductions.
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 2015 revaluation.
More information on revaluation 2017 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 2017 has no effect on the total amount of revenue raised from business rates.