Business rates contribute to the cost of local services. We collect and pay them into a central pool that is maintained by the Government.
Details
Your business rate bill is based on the rateable value of the property and the multiplier.
The Government each year fixes the multiplier or poundage and cannot by law rise by more than the amount of the increase in the retail prices index (RPI). For 2007/08 the multipliers were set at 44.1p for small business multiplier and 44.4p for standard multiplier. For 2008/09 the multipliers will be:
- small business multiplier - 45.8p
- standard multiplier - 46.2p
The rateable values of all business properties are reassessed once every five years through a rates revaluation. These revaluations are carried out by the Valuation Office Agency (VOA) and the next revaluation comes into force on 1 April 2010.
The bills are sent out annually in March for the financial year commencing 1 April. Instalment facilities are provided and it is important that payments are made regularly otherwise the whole amount becomes due.
The net annual bill may differ if the property is subject to transitional relief.
Further information
The leaflet 'Your business rates bill 2005' summarises the changes to business rates from April 2005.
'My Business Rates' (www.mybusinessrates.gov.uk) is a specialised government website aimed at the smaller, independent ratepayer.
The following leaflets are available from the Valuation Tribunal Service website about:
Trade and business waste
All trade and business waste is chargeable and not included in the business rates. Information about arranging a business waste contract is available.
Contact
Contact details and our office opening hours.