Your business rates bill is calculated and collected by Telford & Wrekin Council.
The calculation of business rates is based on two variable factors:
- we multiply the rateable value of an individual property, which is set by the Valuation Office Agency (VOA) by
- a 'multiplier' (the national non-domestic multiplier) set by central government.
The Rateable Value (RV) is normally revalued by the VOA every five years – the last revaluation was 1 April 2015, with an effective date in England from 1 April 2017.
Under current legislation, the next revaluation would take effect on 1 April 2022 based on pre-COVID-19 property values as of 1 April 2019. In May 2020, the Government announced a postponement to provide greater certainty for firms affected by the impacts of COVID-19. On the 21 July 2020 the Government confirmed that the next revaluation of non-domestic property in England will instead take effect on 1 April 2023. So that it better reflects the impact of COVID-19, it will be based on property values as of 1 April 2021.
However if your circumstances change the VOA may alter the RV between revaluations.
The multiplier is set for the whole of England and effective from 1 April each year. The multiplier represents the number of pence in each pound of the RV that will be payable in business rates before any relief or discounts are applied. The calculation gives the amount of rates payable for the year. Other than in a year of revaluation multipliers change each year in line with inflation and to take account of the cost of small business rate relief.
The amount you pay may be adjusted depending on transitional arrangements or other reliefs that you may be eligible for. view more information about reliefs and exemptions.
Last updated: 04/08/2022 10:37