What are business rates
You pay Business Rates to contribute towards the cost of local services. Under retention arrangements that were introduced in April 2013, authorities keep a portion of the Business Rates paid in their area. This provides a financial incentive for us to work with local businesses to create a favourable local environment for growth, as we benefit from the growth in Business Rates revenue.
The money, along with Council Tax and grants from government is used to pay for the services we provide. You can find out more detailed information about business rates by reading our business rates explanation page.
For more information about the business rate system you can visit the GOV.UK website.
How business rates are worked out
Your bill is worked out by multiplying the rateable value by the rating multiplier.
Your property will be given a rateable value which is worked out by its rental value. The rateable value is set by the Valuation Office Agency.
The rating multiplier is the rate charged for every £1 of rateable value. The multiplier for this financial year is 51.2p and the Small Business Rate multiplier is 49.9p. The multiplier is set by central government and depending on inflation can change each year.
Appeal against your rate
You can appeal against your rateable value by visiting the Valuation Office Agency website.
Who pays business rates
How often are business rates revalued
Rateable Values are usually revalued every five years. They were last revalued in 2023. GOV.UK has more information on revaluing.