Business rates - information and advice

What are Business Rates? 

Business Rates are a tax charged on business premises such as shops, offices, warehouses and factories and other property not classed as domestic accommodation. Business Rates are collected by local authorities and are the way that those who occupy non-domestic properties contribute towards the cost of local services.

How is the bill calculated? 

Business Rates are calculated by multiplying the rateable value of your property by a national non-domestic rating multiplier which is set by the government.

Year                           Standard multiplier         Small business multiplier

2017 to 2018                       47.9p                              46.6p

2016 to 2017                       49.7p                              48.4p

2015 to 2016                       49.3p                              48.0p

 

The amount you pay may be adjusted depending on transitional arrangements or other reliefs that you may be eligible for.

 

What is the Rateable Value?

Each non-domestic property has a rateable value which is normally set by the Valuation Office Agency (VOA). 

The Valuation Office Agency website has a full list of all rateable values.

The rateable value of your property is shown on the front of your Business Rates bill. This broadly represents the yearly rent the property could have been let for on the open market on a particular date. 

The VOA is required to maintain a local rating list for all properties in Derby and may alter the rateable value if the circumstances of the property change. The ratepayer (and certain others who have an interest in the property) can also appeal against the value shown in the list if they believe it is wrong.

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 Government website.

 

Revaluation of your rateable value 

What is a revaluation?

The Valuation Office Agency regularly reassess and update the rateable values of all business properties usually every five years. This is called a Revaluation. This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.

How can I find out more about revaluations? 

For more information on the 2017 Revaluation, rateable values, and business rates, visit the Government Revaluation webpages.

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