The Valuation Office Agency, a branch of Her Majesties Revenue and Customs, place a Rateable Value on the property based on the annual rent payable at a property at a specified date.
Rateable Values are presently reviewed every five years - the last review took place on 1 April 2010. Rateable Values were based on the rent payable on 1 April 2008. The next revaluation comes into affect on 1 April 2015 (using rental information as at 1 April 2013).
After a Rateable Value has been determined it is multiplied by the national multiplier or Uniform Business Rate, which is set by central government each year. The multiplier set by government for the financial year 2012/13 is 45.8p (or 45.0p if you qualify for Small Business Rate Relief).
For example, if the rateable value of your property was £20,000, we would multiply it by 45.8p to get a total for the year of £9160.00
For more information see the Valuation Office Agency website including:
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