Overview of Business Rates
Rateable Value and Revaluation
Apart from properties that are exempt from business rates, each non-domestic property has a rateable value which is set by the Valuation Office Agency (VOA), an agency of His Majesty’s Revenue and Customs. The VOA compiles and maintains a full list of all rateable values.
The Valuation Office Agency (VOA) updates the rateable values of non-domestic properties every three years. This is known as a revaluation. Revaluation helps to redistribute the amount paid in business rates across sectors and regions. The rateable value broadly represents how much it would cost to rent a property for a year on a set valuation date. For the 2026 revaluation, that date is 1 April 2024. Your new rateable value comes into effect on 1 April 2026 and is shown on the front of your business rates bill.
Please note the Valuation Office assesses the rateable value of a business premises, and therefore the council cannot help with the revaluation of a property. More information about how your property has been valued, and what you can do if you think the valuation is wrong, can be found on their website at: www.gov.uk/find-business-rates
At a revaluation, some ratepayers will see reductions or no change in their bill whereas some ratepayers will see an increase. You’ll get transitional relief if your rates go up by more than a certain amount. This means increases to your bill are phased in gradually. Transitional relief is applied automatically to your bill if you are eligible.
More information about transitional relief can be found at on the GOV.UK website: www.gov.uk/business-rates-relief/transitional-relief