Business rates

Every business property has a rateable value set by the Valuation Office Agency (VOA). The value reflects the annual rent the property would achieve on the open market at a set date.

For the 2023 valuation, which came into effect on the 1 April 2023 the set date was 1 April 2021.

Every year the Government sets the multiplier - or the percentage of the rateable value you have to pay in tax. For the financial year commencing 1 April 2024, this has been set as:

• small business non-domestic multiplier - £0.499 pence for properties with a rateable value of up to £50,999
• standard non-domestic multiplier -  £0.546 pence for properties valued at £51,000 or above

So, if your property has a rateable value of:

• £10,000 you will pay £4,990 in rates (£10,000 multiplied by £0.499 pence)
• £51,000 you will pay £27,846 in rates (£51,000 multiplied by £0.546 pence)

You can find the rateable value of your business via the GOV.UK Find a business rates valuation (opens new window) service.

You can challenge your business rates rateable value for free. You may choose to appoint an agent to carry out this work on your behalf.

If you choose to appoint an agent, you should be aware that there are a number of business rates agents operating around the country. Please see the GOV.UK: Council Tax and business rates scams (opens new window) page for more information.