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About how your Business Rates are calculated

 

Your annual Business Rates bill is calculated and collected by the Council.

The Council multiplies the rateable value of an individual property, which is determined by the Valuation Office Agency, by a 'multiplier' set by Central Government. The calculation gives the amount of rates payable for the year.

The multiplier is set for the whole of England and is effective from 1 April each year.  The multiplier represents the number of pence in each pound of the rateable value that will be payable in Business Rates before any relief or discounts are applied.  There are 2 multipliers:-

  1. The small business multiplier applies to properties which have a rateable value less than £51,000; 
  2. The national non-domestic rate multiplier applies to properties which have a rateable of £51,000 and above. It also applies if the property is unoccupied and where the ratepayer is entitled to certain rate reliefs.  The national non-domestic rate multiplier includes a supplement of 1.3 pence in 2018/19 to fund small business rate relief, which is a scheme that provides specific help for small business ratepayers.

For the 2018/19 financial year, the small business multiplier is 48.0 pence and the non-domestic multiplier is 49.3 pence.

The Government reviews the multiplier from 1 April each year to reflect changes to the Consumers Price Index (CPI).  

 

Which agency does what?

  • The Valuation Office Agency determines the rateable value on which your rates are based;
  • The Government sets the multiplier and makes national rules about Business Rates;
  • New Forest District Council are responsible for billing and collecting Business Rates.

 

 

Updated: 5 Mar 2018
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