Every non-domestic premises is given a rateable value which is decided by the Valuation Office Agency. The Valuation Office Agency compiles and maintains a full list of all rateable values in England and Wales.
Rateable values are reassessed, or revalued, every five years to bring them in line with current market values. The next revaluation will not come into effect until 1 April 2022.
The rateable value of your property is shown on the front of your Business Rates Bill. The rateable value broadly represents the yearly rent the property could have been let for on the open market at a particular date. For the revaluation that came into effect on 1 April 2017, this date was set as 1 April 2015.
The Rating List and further information about rateable values is available from the GOV.UK - Valuation Office Agency.
Before the start of each financial year the Government sets two Business Rate Multipliers for the whole of England;
|Business Rate Multipliers 2018/19||Amount|
|Standard Rating Multiplier||49.3p|
|Small Business Multiplier.||48.0p|
|Business Rate Multipliers 2017/18||Amount|
|Standard Rating Multiplier||47.9p|
|Small Business Multiplier.||46.6p|
The Government normally changes both multipliers each year in line with inflation. However, 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, the standard multiplier 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. The current multipliers are shown on the front of your bill.
Non-Domestic Rates, or Business Rates are calculated by multiplying the Rateable Value (RV) of the business premises by the Rate on the Pound/Multiplier,
You can estimate your Business Rates bill using the estimator here, see GOV.UK - Estimate your business rates.
Any figures that the estimator provide are only estimates. Your exact liability will be on your Business Rate Bill from Basildon Council.