What rateable value means
All properties which aren't homes have a rateable value as a way of measuring how valuable the property is.
The rateable value is an estimate of how much yearly rent the property could earn on a particular date. The date of valuation is set by the government and is currently the 1 April 2008.
Rateable values are usually revised every five years. The next revaluation will take place in April 2017. The new draft rateable values are available to look at on the GOV.UK website.
Rateable values are calculated by the Valuation Office Agency, who are part of HM Revenues and Customs.
How the multiplier works
In 2016 to 2017 the multiplier is 49.7p.
So for example, if your rateable value was £100,000 we would multiply this by 49.7p and your bill for the year would be £49,700.
Each year on 1 April the multiplier is increased by the government and is set in line with inflation.
How the rateable value can change
The rateable value of a property may change if any physical changes are made to the building your business is in, for example if you built or demolished an extension.
Appeal your rateable value
You have the right to appeal to the Valuation Office Agency about your rateable value if you think it's too high. You can do this even if there haven't been any changes to the property or your business.
If you want to appeal, contact the local Valuation Office Agency on 03000 501501 or by e-mail.
For more information on business rates visit Business rates at gov.uk