To work out the business rate on a property, take the 'rateable value' times a factor known as the 'multiplier'.

The rateable value (RV)

A property's rateable value represents the yearly rent it would receive on the open market on 1 April 2021. It's set by the Valuation Office Agency (VOA).

Check your property's rateable value (Gov.UK)

Multiplier

The government changes multipliers each year in line with inflation. There is one multiplier for small businesses and one for all others. For 2023-24 the multipliers are:

• Standard multiplier = 51.2p
• Small business multiplier = 49.9p

Transitional relief on revaluation of property

Your rateable value, and therefore your business rates, will change when the VOA revaluates your property.

To limit the effects of revaluation on your bill, the Council adjusts your bill so that the changes are gradually phased in.

Find out the increases or decreases on the Gov.UK website.

Business rate supplement (BRS)

The Business Rate Supplements Act 2009 enables levying authorities - county councils, unitary district councils and, in London, the Greater London Authority - to levy a supplement on the business rate to support additional projects aimed at economic development of the area.

This power has also been extended to the mayors of Cambridgeshire and Peterborough, Liverpool City Region, West of England, and West Midlands combined authorities. Business Rate Supplements (BRS) are not applicable to properties with a rateable value of £50,000 or below, and authorities have discretion to increase that threshold.

The total maximum BRS which may be levied by a levying authority is 2p per pound of rateable value. Levying authorities have the power to apply such reliefs to the BRS as they think appropriate and in such cases must include an explanation of the rules for the application of those reliefs in the final prospectus for the BRS.

The business rate supplement applicable in London is being levied by the Greater London Authority in relation to the Crossrail project. The rateable value threshold in 2023-24 for the Crossrail BRS is £75,000.

Find out more in the Crossrail business rates ratepayer communication 2023/24 and in the Crossrail BRS final prospectus.