How much you pay in Business Rates
Business Rates are a local tax paid by the occupiers of all non-domestic or business properties. They are charged on most business properties, including shops, offices, pubs and factories.
If a building is used for non-domestic purposes it is likely to be rateable, even if it is not used for a business.
Calculating Business Rates
Business Rates are worked out based on the rateable value of your property. This rate is set by the Valuation Office Agency (VOA).
The rateable value is then multiplied by a 'multiplier' amount, which is set by the government, to give your annual rate.
Rateable value
A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.
- Until 31 March 2023, the rateable values will be based on a valuation date of 1 April 2015
- From April 2023, the rateable values will be based on the valuation date of 1 April 2021
Find the rateable value of your property
Multiplier amount
The multiplier amount for the latest year and for previous years are as follows:
| Year | Standard multiplier | Small business multiplier |
|---|---|---|
| 2024/25 | 54.6 pence | 49.9 pence |
| 2023/24 | 51.2 pence | 49.9 pence |
| 2022/23 | 51.2 pence | 49.9 pence |
| 2021/22 | 51.2 pence | 49.9 pence |
| 2020/21 | 51.2 pence | 49.9 pence |
Part year occupation
If you occupy a property for part of the year, your rate will be calculated on a pro rata basis as follows:
- Full annual rate, multiplied by number of days occupied, divided by the number of days in that year (365, or 366 if it is a leap year)
Reliefs
You could be eligible for a reduction on your annual Business Rate. Find out more about reliefs and reductions, including how to apply and information about empty properties.
Transitional relief
The VOA's latest revaluation of rateable values took effect from 1 April 2023. The 2023 transitional relief scheme is designed to reduce the impact of any significant increase in the rateable value. If your business is entitled to transitional relief, the reduction will be applied to your bill automatically.
Find out more about the 2023 revaluation.
Appeal a decision
If you believe that your rateable value is too high you may have grounds to appeal.
You need to use your business rates valuation account to appeal a decision.
You must continue to pay the current rateable value during any appeals process.
Business Rates Supplement (BRS)
The Business Rates Supplement (BRS) is an increased amount which is added on to your annual rate, to help pay toward projects to develop the economy in your area. The Greater London Authority (GLA) decides when a BRS should apply and the amount payable.
The maximum supplement which can be added is 2p per pound of the property's rateable value.
From 1 April 2023 you will be charged a supplement if your property has a rateable value of £75,001 or more, within Greater London. In previous years the threshold was £70,000 or more.
Find out the latest information about the Business Rates Supplement.
Change in circumstances
You must let us know if you change your business address by moving in or moving out of the borough.
If there are any changes to your premises or the type of business you run, you should contact the VOA. This is to ensure you continue to pay the correct rate.
How to pay
We send out an annual bill every March, which is payable the following tax year.
You can set up a direct debit or choose from a number of other payment options. Find out more about how to pay your bill.
Find out what happens if you do not pay your Business Rates.
How the money is used
Some of the money collected from Business Rates is paid to the government, who then share a portion between each Council.
We also keep some of the money raised, to pay towards providing Council services. These include social services for adults and children, arts, leisure and sports services.
Explanatory notes
For further information, view the Business Rates explanatory notes 2024-25.