Business Rates 2023/24
The business rates multipliers will be frozen in 2023-24 at 49.9p (small business multiplier) and 51.2p (standard multiplier).
Transitional Relief Scheme
Transitional Relief will support properties by capping bill increases caused by changes in rateable values at the 2023 revaluation. The “upward caps” will be 5%, 15% and 30% respectively for small properties (RV up to £20,000), medium properties (RV between £20,001 and £100,000) and large properties (RV greater than £100,000) in 2023-24 and will be applied before any other reliefs or supplements. Properties with reductions in rateable values at the 2023 revaluation will see the full benefit of that reduction in their new business rates bill from 1 April 2023.
Retail, Hospitality and Leisure Relief
From 1 April 2023 to 31 March 2024, eligible ratepayers occupying retail, hospitality and leisure properties will receive 75% relief on their business rates bills. In line with the conditions set by the government, a ratepayer may only claim up to £110,000 of support under the 2023/24 Retail, Hospitality and Leisure Relief Scheme for all of their eligible hereditaments.
Supporting Small Business Scheme (SSBS)
Bill increases for the smallest businesses losing eligibility or seeing reductions in Small Business Rate Relief or Rural Rate Relief will be capped at £600 per year from 1 April 2023.
The Valuation Office Agency (VOA) regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021.
We use these rateable values to calculate business rates bills.
Revaluations are carried out to reflect changes in the property market, which means that business rates bills are based on more up-to-date information.
The next revaluation will come into effect on 1 April 2023.
Contacting the Valuation Office Agency
We are responsible for anything to do with your business rates bill. The VOA is responsible for the valuation of your property. You will therefore need to contact the VOA for all queries about your rateable value.
Finding your rateable value
You are now able to see the future rateable value for your property and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA’s Find a Business Rates Valuation Service on GOV.UK.
Your property details need changing
To tell the VOA about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The VOA may accept your changes and update the current and future valuations.
You think your rateable value is too high
From 1 April 2023, you will need to use a business rates valuation account to tell the VOA you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.
How Coronavirus (COVID-19) affected future rateable values
The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date.
For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this