How does your Rateable Value affect your rates bill?

To work out your bill, the local authority starts by multiplying your rateable value by a factor known as the 'multiplier' or 'uniform business rate'. The multiplier is fixed each year by the Government. Between revaluations the multiplier cannot increase by more each financial year than the annual rate of inflation (as at the previous September) except in a revaluation year. For 2008/2008 the multiplier is 46.2p. So if, for example your rateable value is £20,000, the calculation for this year is £20,000 x 46.2p = £9,240.00 this is the amount you would have, to pay.

There may, however, be further calculations to go through because of transitional arrangements or reliefs or both.

Please note if you qualify for small business rate relief your rates bill will be calculated using the lower SBRR multiplier of 45.8p.