Rateable Value
Business rates are worked out based on your property’s rateable value. The rateable value is assessed by the HMRC Valuation Office.
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.
From 1 April 2026, the rateable values will be based on the valuation date of 1 April 2024.
- Until 31 March 2017, the rateable values were based on a valuation date of 1 April 2008
- Until 31 March 2023, the rateable values were based on the valuation date of 1 April 2015
- From 1 April 2023, the rateable values are based on the valuation date of 1 April 2021
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.
You can find and review your rateable value on GOV.UK. If you have reason to believe that your rateable value is not correct, follow the instructions provided on the site. You will need to do the following:
- CHECK - review and confirm the facts about your property held by the Valuation Office
- CHALLENGE - once the facts are established, explain why you believe your valuation is wrong
An appeal on your rateable value is not possible, and may not be necessary, until you have completed CHECK and CHALLENGE.
Revaluation
The HMRC Valuation Office regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation.
We use these rateable values to calculate business rates bills.
Revaluations are carried out to reflect changes in the property market, which means that business rates bills are based on more up-to-date information.
Contacting the HMRC Valuation Office
We are responsible for anything to do with your business rates bill. The Valuation Office is responsible for the valuation of your property. You will therefore need to contact the Valuation Office for all queries about your rateable value. Please visit the Valuation Office website or telephone 03000 501501.
Your property details need changing
To tell the Valuation Office about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The Valuation Office may accept your changes and update the current and future valuations.
Sign in or register for a business rates valuation account
You think your rateable value is too high
From 1 April 2023, you will need to use a business rates valuation account to tell the Valuation Office you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.