Calculating your Business Rates
Premises that are subject to business rates are given a rateable value by the Valuation Office Agency (VOA). Local authorities use the VOA's assessment of a property's rateable value to calculate business rates bills. The rateable value is based on the likely annual open market rent for the premises at a particular date.
Rateable values are reviewed every five years - this is called a revaluation. Properties that have been changed since the last revaluation (eg extended) can be reassessed.
Find the current rateable value of a property in England or Wales and view the valuation on the VOA website
To assess the rateable value, factors such as the size of the premises and how they are used are taken into account. Different parts of the premises may be valued at different levels. For example, the front part of a shop, nearest the entrance, is more valuable than space further back or storage space in the basement.
Details of the rateable value, and how it has been calculated, are shown on a valuation for the property.
The business rates you are charged are calculated using the rateable value and the multiplier set by the government. In England, the standard multiplier for the financial year 2010-11 is 41.4 pence. For example, a property with a rateable value of £10,000 is normally charged £4,140, excluding any discounts or reductions that may be applicable.
There are reductions in the rates payable for many small businesses, and if the premises are empty. See the page Business Rates Relief.
Contact Us
Revenues
West Somerset House
Killick Way
Williton
Taunton
Somerset
TA4 4QA
Telephone: 01643 703704
Email: revenues@westsomerset.gov.uk