What Are Business Rates
What is Non-Domestic Rates (Business Rates)?
Council Tax is a tax on domestic properties whereas Business Rates is a tax on Non-Domestic Properties. Below are examples of some types of non-domestic properties:
- holiday rental homes or guest houses.
How are they calculated?
Your rateable value (RV) and poundage figure (£) calculates your basic demand notice as RV * £ = Charge. The Valuation Office Agency sets the rateable value. Central Government sets the poundage figures each year.
For more information on your rateable value please refer to the Valuation Office Agency.
The rating list
Councils are responsible for displaying the rating list. The list is also available online on the Valuation Office Agency homepage. This list contains details of all rating assessments in the borough. During normal office hours you can view the list at the council.
Business rates revaluation
The Valuation Office Agency (VOA) 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.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021.
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.
The next revaluation will come into effect on 1 April 2023.
Contacting the Valuation Office Agency
We are responsible for anything to do with your business rates bill. The VOA is responsible for the valuation of your property. You will therefore need to contact the VOA for all queries about your rateable value.
Finding your rateable value
You are now able to see the future rateable value for your property and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA’s Find a Business Rates Valuation Service on GOV.UK.
Your property details need changing
To tell the VOA about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The VOA may accept your changes and update the current and future valuations.
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 VOA you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.
Sign in or register for a business rates valuation account ready for 1 April 2023.
How Coronavirus (COVID-19) affected future rateable values
The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date.
For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.
Explanatory notes form part of your demand notice. Find the information on the Explanatory Notes webpage
or in explanatory notes.
Transitional relief or premium limits how much your bill can change each year as a result of the revaluation. Regulations shown how to calculate the relief/premium and for further explanation go to the gov.uk webpage transitional relief.
To register for business rates please contact us using the details below:
Telephone: 0115 981 9911