Business rates, or national non-domestic rates, which are collected by local councils, are the means by which businesses and others who occupy non-domestic property make a contribution towards the cost of local services.
Except in the City of London, where special arrangements apply, the rates are pooled by central government and redistributed to local councils according to the number of people living in the area. This money, together with revenue from council taxpayers, revenue support grant provided by the government, and certain other sums, is used to pay for the services provided by your local council and other local authorities in the area.
Apart from properties which are exempt from business rates, each non-domestic property has a rateable value which is normally set by the Valuation Office, an agency of the Inland Revenues, every five years. The rateable value broadly represents the yearly rent the property could have been let for on the open market on a particular date - the current valuation came into effect on 1 April 2010 and is based on market rental value as at 1 April 2008.
To find out the rateable value of your business address, look on your bill or visit www.voa.gov.uk
The rateable value of your property was set in April 2010. To arrive at your business rates figure we multiply the rateable value by a figure set annually by the government. The figure - called the rating multiplier - for 2012/2013 is 45.8 pence in the pound.
Appeals against the rateable value of a property can be made - for further information on the grounds for making an appeal and the appeals process, visit the Valuation Office website, or call the Valuation Office advice line on 03000 505 150. Business rates remain payable even if an appeal is under way - any rates overpaid will be refunded and credited with interest where appropriate.
Rateable values normally change a good deal between each revaluation and transitional arrangements help to phase in the effects of these changes by limiting the amount by which a bill may rise or fall following a revaluation. For further information about transitional arrangements please contact our business rates advice line on 01285 623034 or email email@example.com.
More information about business rates can be found on:
Cotswold District Council, Trinity Road, Cirencester, Gloucestershire, GL7 1PX
Tel: 01285 623 034