How is my Business Rates bill calculated?
Calculating Business Rates (Non-Domestic Rates)
Every non-domestic property, unless exempt from Business Rates, has a Rateable Value (RV). Each year the Government sets a fixed amount to be used in calculating Business Rates. This is known as the multiplier. Your bill is calculated by multiplying the RV of the property by the appropriate multiplier.
Rateable Value (RV)
The rateable value is assessed by the Valuation Office Agency (VOA), which is an agency of HM Revenues and Customs.
The rateable value broadly represents the yearly rent the property could be let for on the open market on a particular date. The rateable value may also alter if the circumstances of the property have changed.
The Government sets two multipliers every year; the standard multiplier and one for small businesses.