Information on business rates revaluation, including when revaluations happen and how this affects your business rates.
What a revaluation is
Business rates are worked out based on your property's rateable value. This is the open market rental value from a given date. Rateable values are then used to calculate your business rates bill alongside the national multiplier for the year.
All rateable values are reassessed at a general revaluation to make sure that bills paid by any one ratepayer reflect changes over time in the value of their property, relative to others.
This helps maintain fairness in the rating system by updating valuations in line with changes in the rental market.
The last revaluation came into effect on 1 April 2017 and is based on rateable values from 1 April 2015.
Revaluation for 2023
The next revaluation is due to come into effect on 1 April 2023, based on the rental value of properties on 1 April 2021.
You can see what the future rateable value for your property will be on the find a business rates valuation service on the GOV.UK website. You can also get an estimate of your 2023/24 business rates bill.
How to challenge the rateable value or make a change
If you think your rateable value is too high, you can challenge your property's valuation by using the Valuation Office Agency's (VOA) business rates valuation account service on the GOV.UK website.
Once you have signed up, you can challenge or report changes that may affect your property's rateable value (such as floor area sizes and parking).
You must continue to pay your business rates as normal until a decision has been made.
How Coronavirus (COVID-19) affected future rateable values
The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date.
For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.
In the year of revaluation, the multipliers are re-based to take account of overall changes to rateable value and to make sure that revaluation does not raise extra money for the government.
For the 12 months from 1 April 2022 to 31 March 2023, the multipliers are:
- Standard non-domestic rating multiplier £0.512
- Small business non-domestic rating multiplier £0.499
The multipliers are set to remain the same for the revaluation from 1 April 2023 to 31 March 2024.