How your Business Rates are calculated
Roles and responsibilities
The Valuation Office Agency sets the rateable value of business premises by using property details such as rental information.
They use the rateable value and the business rates multiplier (set by central government) to calculate your business rates bill.
The rateable value is assessed by the Valuation Office Agency, which is an agency of HM Revenue and Customs.
A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.
- From 1 April 2017 until the 31 March 2023, the rateable values was based on the valuation date of 1 April 2015.
- From 1 April 2023, the rateable values will be based on the valuation date of 1 April 2021.
If you think your rateable value is incorrect, you can find and view your property details on the GOV.UK website.
Find your property valuation
Visit the Valuation Office Agency website.
Requests for information
VOA may send you a request for rental information about your property so they can work out its rateable value. You can either:
- provide your rental information online
- send it by post - contact your local VOA office and ask for form VO6003, or form VO6005 if you need to send additional information
Contact the Valuation Office Agency if you need more time to send in your rental information.
The Valuation Office Agency regularly reassess and update the rateable values of all business properties, usually every three to five years. This is called a Revaluation. This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
Transitional arrangements are in place during each 3 year period so that the effects of any large increase in Business Rates are phased in.