Business rates is a local tax paid by occupiers or owners of business premises and is also known as National Non-Domestic Rates (NNDR). Business rates help to pay for local services and is calculated and collected by Rushcliffe Borough Council. How much you pay depends on the rateable value of the property, what multiplier (or rate poundage) is set by central government and what rate relief schemes you are eligible for. Individual liability is fixed by applying a "multiplier" or rate poundage to a rating assessment.
The rate poundage is fixed annually by central government. Rating assessments are fixed by the Valuation Office Agency, a division of HM Revenues and Customs and reflect the rental value of the premises at a fixed point in time. A property's rateable value is an assessment of the annual rent the property would attract if it were available to let on the open market at the fixed valuation date.
Until 31 March 2017, the rateable values will be based on a valuation date of 01 April 2008. From 01 April 2017, the rateable values will be based on the valuation date 01 April 2015. The revaluation of business properties will take place from 01 April 2017. On 30 September 2016, the VOA published over 1.9m draft rateable value online.
For more information on the 2017 Revaluation, rateable values, and business rates go to www.gov.uk/voa/revaluation.
Councils are responsible for sending out bills and collecting business rates. The money collected is paid to central government who then re-distribute the money as grants to councils, according to their needs. Councils are also 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 and is available for inspection during normal office hours. The details included are public information and can be used by ratepayers to form an opinion on the accuracy of their own or other businesses’ assessments.
The Government has introduced a scheme which allows you to defer payment of part of this year's increase to the 2013/14 and 2014/15 financial years. Please see the deferral scheme section for more information.