Rateable Value

All non-domestic properties – mostly businesses – have a rateable value. This figure is based on a professional assessment of the annual rent of a property if it was available to let on the open market at a fixed valuation date.

 

The new rating lists that come into effect on 1 April 2005 are based on a valuation date of 1 April 2003 - all properties are valued from the same date to ensure that they are assessed on a level basis. The VOA gathers as much evidence as possible about actual rents paid for properties in order to determine appropriate rental values.

 

The rateable value of your property is not the amount you pay in business rates, but it is the basis for the calculation of your business rates bill. Your local authority will calculate this bill by multiplying your rateable value by a factor set by central government each year. This is known as the multiplier or Uniform Business Rate (UBR) Any rate relief or other adjustment to which you are entitled will then be applied by the local authority.

 

 

 

If you would like further details on calculating your rates bill go to http://www.mybusinessrates.gov.uk/index.html