What are Business Rates?
Business Rates are a local tax that is paid by the occupiers of all non-domestic and business property, in the same way that Council Tax is a tax on domestic property.
Business rates are charged on most business properties such as shops, offices, pubs, warehouses and factories. However, the property doesn't have to be used for a business. If it is used for purposes which are not domestic it is likely to be rateable. We will send you a Business Rates bill each year.
This money contributes towards the costs of local services provided by the council, police, and fire and rescue services.
What is the rateable value?
The rateable value is assessed by the Valuation Office Agency, which is an agency of HM Revenue and Customs.
A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date:
- until 31 March 2017, the rateable values will be based on a valuation date of 1 April 2008
- from 1 April 2017, the rateable values will be based on the valuation date of 1 April 2015
If you think your rateable value is incorrect, you can find and view your property details on the GOV.UK website.
Roles and responsibilities in setting Business Rates
The Valuation Office Agency sets the rateable value of business premises by using property details such as rental information.
The local council uses the rateable value and the business rates multiplier (set by central government) to calculate your business rates bill.
What is revaluation?
Find out more about the 2017 revaluation, rateable values, and business rates on the Valuation Office Agency website. Here you can also estimate your Business Rates bill, including any small business rate relief the local council may apply.