Multiplier and rateable value
Business rates are based on 2 key elements which the council has no influence: the multiplier and the rateable value.
Multiplier and rateable value
Your business rates bill is calculated by multiplying your rateable value by a multiplier. Central government sets the multiplier.
The multiplier is reviewed each year to reflect changes in inflation.
For 2025/26 the small business multiplier is set at 49.9p The standard multiplier is set at 55.50p.
In London, there is also a business rate supplement to pay towards Crossrail.
What is rateable value?
The rateable value is assessed by the Valuation Office Agency (VOA), 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 was available to let on the open market at a fixed valuation date.
The VOA regularly reassess and update the rateable values of all business properties every 3 years. This is called revaluations.
The last revaluation took effect from 1 April 2023 based on the valuation date of 1 April 2021.