Business Rates - Amount Payable
Each non-domestic property, unless it is exempt, has a rateable value. The rateable value of a property is explained in more detail in the property valuation changes.
The Borough Council works out the Business Rates bill by multiplying the rateable value of the property by the appropriate multiplier. From 1st April 2008 there are two multipliers; the standard non-domestic rating multiplier (46.2 pence) and the small business non-domestic rating multiplier (45.8 pence). The former is higher to pay for small business rate relief. So, if your rateable value was £20,000 this figure would be multiplied by 46.2 pence and your bill for the year would be £9,240.
The Government sets the multipliers for each financial year for the whole of England. The Government normally changes both multipliers every year in line with inflation. By law, the multipliers cannot go up by more than the rate of inflation apart from some minor adjustments to counteract losses from appeals and, in relation to the standard multiplier, to pay for small business rate relief. In the year of a revaluation it is set at a level which will keep the total amount raised in rates after the revaluation the same as before, plus inflation for that year. This is so that the value of money raised through business rates each year stays the same and pays for the same level of services provided by the Borough Council.
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