Rateable Value

Business rates are worked out based on your property’s rateable value. The rateable value is assessed by the Valuation Office Agency, which is an agency of HM Revenue and Customs.

In most instances, 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 here:

https://www.gov.uk/correct-your-business-rates

The VOA sets the rateable value of business premises by using property details such as rental information.

We use the rateable value and the business rates multiplier (set by central government) to calculate your business rates bill.

From 1 April 2017 you can click, find and review your rateable value on the VOA's website. If you have reason to believe that your 2017 rateable value is not correct, follow the instructions provided on the site. You will need to do the following:

An appeal on your 2017 rateable value is not possible, and may not be necessary, until you have completed CHECK and CHALLENGE.

Revaluation

The VOA 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.

The next revaluation in England will take effect from 1 April 2017 and rateable values will be based on information from 1 April 2015.

For more information on the 2017 Revaluation, rateable values, and business rates go to https://www.gov.uk/correct-your-business-rates .

You can also estimate your business rates bill, including any small business rate relief the local council may apply.