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Business rates revaluation

The amount of business rates you pay is calculated using your property's rateable value and the national multiplier for the year. Generally the rateable value is calculated using the open market value from a certain date.

The amount of business rates you pay is calculated using your property's rateable value and the national multiplier for the year. Generally the rateable value is calculated using the open market value from a certain date.

What is a revaluation?

All rateable values are reassessed at a general revaluation. The Valuation Office reassess and update the rateable values of all business properties every five years. The last revaluation took effect from 1 April 2017 and the next revaluation is due in 2021.

Revaluations make sure each ratepayer pays their fair contribution and no more, by ensuring that the share of the national rates bill paid by any one ratepayer reflects changes over time in the value of their property relative to others.  This is done to maintain fairness in the system by redistributing the total amount payable in business rates and reflecting changes in the property market. 

For more information on the 2017 Revaluation, rateable values, and business rates go to Valuation Office Agency revaluation

    Can I appeal?

    Ratepayers may believe that the new rateable value assigned to their property is incorrect. You can find and view your property details and appeal against the rateable value here: www.gov.uk/correct-your-business-rates.

    Grounds for appeal may include:

    • the valuation is wrong
    • there's been a change to the property or area that should be shown in the rateable value, e.g. the property's been demolished or is now a domestic property
    • a change made to the valuation by the Valuation Office Agency (VOA) is wrong, or hasn't been made
    • the property's been incorrectly split into more than one listing, or combined with others into a single listing.

    It is important to note that your existing business rates liability must be paid for the duration of any appeal. You would be reimbursed afterwards if any appeal is successful and the rateable value is lowered.

    How the multiplier is adjusted at a revaluation

    Ratepayers may believe that a reduction in their rateable value will lead to a reduction in their business rate bill. This is not necessarily the case.

    Business rate bills are calculated by multiplying a property's rateable value by the 'multiplier'. For instance, a property with a rateable value of £20,000, and a multiplier of 46.6p will have a business rates bill of £9,320 per year (i.e. £20,000 * 0.466).

    The law requires that the overall business rates revenue remains the same at a revaluation. This means that if total rateable value rises, the multiple must fall; and if the total rateable value falls, the multiplier must rise.

    What if I have overpaid my business rates?

    If you believe that you may be entitled to a refund of rates, please contact the London Borough of Hillingdon Revenues, PO Box 1120, Number 1 Market Street, Nelson, Lancs. BB9 7LJ. Credits may also be offset against arrears if requested.

    Revaluation Relief

    As part of the Spring Budget 2017, the Government announced the establishment of  a £300m discretionary fund over four years from 2017/18 to support local businesses. Each council is able to design their own local scheme.

    How can I find out more?

    More information on the 2017 revaluation can be found at www.gov.uk/introduction-to-business-rates/revaluation.

    The transitional arrangements are applied automatically and are shown on the front of your bill. Further information about transitional arrangements and other reliefs may be obtained on our Business Rates relief and reductions pages.

    Contact details for the Valuation Office Agency are:

    • Non Domestic Rates London Valuation Agency
      Chase House
      305 Chase Road
      Southgate
      London N14 6LZ
    • Email: ratinglondon@voa.gsi.gov.uk
    • Telephone: 03000 501 501

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    Article utilities:  Bookmark and Share Print Print this page Last updated: 13 Mar 2020 at 16:42