The council collects business rates, also called non-domestic rates (NDR), from businesses in the area. This helps to pay for local services.
How are business rates calculated?
Every non-domestic property has a rateable value which is fixed by the Valuation Office Agency (VOA). The rateable value is equal to the annual rental value of the property on 1st April 2008, although this did not come into effect until 1st April 2010. Rateable values are usually reassessed every 5 years, but the 2015 revaluation has been postponed to 2017.
We work out your business rates bill by multiplying the rateable value of the property by a ‘multiplier’ – this is a figure set by the government each financial year.
- The 2015/16 standard rating multiplier is 49.3 pence.
- For small businesses (businesses with a rateable value below £18,000) the 2015/16 rating multiplier is 48 pence.
Business rates are charged on a day-to-day basis so if you occupy the property for part of the year, you’ll only pay for that portion.
Can I appeal against my rateable value?
You may wish to appoint a rating advisor to give you some professional advice.