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About business rates
If you run a business from a shop, office, or other commercial property, you’ll likely need to pay business rates. Here’s what they are, how they’re calculated, and what to do if you think your bill is wrong.
Business rates are a type of tax that most businesses pay if they use a building or space for work - like shops, pubs, offices, or factories.
Local councils collect this money once a year and pass it on to the government. It helps pay for local services.
You can find out more about Business Rates on the GOV.UK website.
How business rates are worked out
Each business property is given a rateable value by the Valuation Office Agency (VOA). This is an estimate of how much rent the property could earn per year.
To calculate your bill, the rateable value is multiplied by a number called the multiplier, which is set by the government every year.
For 2023–24, there are two multipliers:
- Standard rate: 51.2p for every £1 of rateable value
- Small business rate: 49.9p for every £1 of rateable value
The multiplier may change each year, but it usually only goes up with inflation. Your bill will show which multiplier applies to you.
Your rateable value and how to challenge It
Your rateable value is shown on your bill. It’s based on what your property could have rented for on 1 April 2015.
If you think your rateable value is wrong, you can challenge it online.
Challenge the valuation on GOV.UK
If your appeal is successful, your bill may be adjusted and backdated - depending on the situation.
Revaluations
The Valuation Office Agency (VOA) regularly reviews the rental values of business properties in England and Wales. This process is called a revaluation.
What is a rateable value?
A rateable value is an estimate of how much rent a property could have been rented for on a specific date.
For the 2023 revaluation, that date was 1 April 2021.
Why does this matter?
Rateable values are used to calculate business rates bills - the tax businesses pay on their properties.
Why are revaluations done?
Revaluations help ensure business rates reflect current market conditions, so bills are based on up-to-date rental values.
What’s next?
The next revaluation will take effect on 1 April 2026, using average rental values from 1 April 2024.
Getting advice
You don’t need to hire anyone to appeal your rateable value - it’s free to do yourself.
But if you want help, make sure your adviser is qualified. Look for members of:
Always check they have the right experience and insurance before signing anything.
