Business rates
Business rates contribute to the cost of local services. We collect and pay them into a central pool that is maintained by the Government.
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 2010/11 the multipliers were set at 40.74p for small businesses and 41.4p for the standard multiplier. For 2011/12 the multipliers were set at:
- small business multiplier - 42.6p
- standard multiplier - 43.3p
In addition, from April 2010 businesses with a rateable value over £55,000 are required to pay the Crossrail Business Rate Supplement.
The rateable values of all business properties are reassessed once every five years through a rates revaluation.
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.
