All non-domestic properties have a rateable value. This value is based on the annual rent the property could have been let for on the open market on a particular date. All properties have recently been revalued. Your new value will be effective from 1st April 2010, and is based on rental evidence as at 1st April 2008. Your business rates bill is calculated by multiplying the rateable value of your property by a figure set by central government. This figure is known as the multiplier. In 2010-11 the multiplier is 41.4. So, if the rateable value of your property is £10,000, we would multiply it by 41.4p to get a total rates bill of £4,140.
You can find out more about how your rateable value has been calculated by visiting the Valuation office's website at www.voa.gov.uk.
You may also qualify for a reduction - for example if you are a small business or a charity. We will then adjust this calculation to include the reduction.