Business rates are set by central government, also known as the Valuation Office Agency (VOA).
The Rateable Value (RV) is an open market rental value applied to the property based on a set date in the past. The RV is set by the Valuation Office Agency (VOA).
The most recent revaluation came into effect on 1 April 2023 and is based on RVs from 1 April 2021 – this is known as the antecedent date.
The RV is then multiplied by the current financial year’s ‘multiplier’, as set by central government, and your local authority issue a bill accordingly.
You may also be entitled to certain Business Rates Reliefs, such as small business relief, rural relief or the recently introduced retail rate relief. Our business rates experts can help you to understand whether or not you qualify for any of these.
For more information or support in relation to your business rates liability, get in touch.
