On 1 April 2023, the new Rating List as part of Revaluation 2023 went live.
This means that all businesses now have a new rateable value (RV) which will affect what they have to pay in business rates over the next three years.
Your business rates for the next rating period (2023-2026) are calculated by multiplying the RV of your property by a formula called the ‘Multiplier’.
On average, RVs have increased by some 7.1% on the last rating period.
This means that most, but not all, businesses will be paying more in business rates. Indeed, for some sectors such as industrial, this will be significantly more.
The RV for industrial and logistics occupiers in England and Wales has gone up by 27.1% on average, meanwhile for office occupiers this is 10.2% and retail is down -10%.