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Business Rates Formula:
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Business Rates are a tax on non-domestic properties in the UK, also known as non-domestic rates. They help fund local services and are calculated based on the property's rateable value and the current multiplier set by the government.
The calculator uses the Business Rates formula:
Where:
Explanation: The rateable value represents the property's open market rental value on a specific date, while the multiplier is the pence in the pound rate used to calculate your bill.
Details: Accurate Business Rates calculation is essential for business budgeting, financial planning, and ensuring compliance with UK tax regulations. It helps businesses understand their property tax obligations and plan accordingly.
Tips: Enter the rateable value in GBP and the current multiplier. The standard multiplier for 2025/26 is £0.546 per £ of rateable value. All values must be positive numbers.
Q1: What is a rateable value?
A: Rateable value is the Valuation Office Agency's estimate of the open market rental value of a business property on a specific date.
Q2: How often do multipliers change?
A: Multipliers are typically set annually and announced in the government's budget. The standard multiplier for 2025/26 is £0.546.
Q3: Are there any reliefs or exemptions?
A: Yes, various reliefs are available including small business rate relief, rural rate relief, and charitable rate relief depending on circumstances.
Q4: Who needs to pay business rates?
A: Generally, the person or company occupying a non-domestic property is responsible for paying business rates.
Q5: How can I find my property's rateable value?
A: You can find your property's rateable value on the Valuation Office Agency website using your postcode or property reference number.