How business rates are calculated

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 the Gov.UK website. 

How is a property valued?

The VOA values a property by its rateable value. Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 revaluation, that date was 1 April 2021. 

How is my rateable value calculated?

In order to calculate the rateable value, the VOA analyses the rental property market to ensure that rateable values reflect the property market accurately.

I think my 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.

Sign in or register for a business rates valuation account ready for 1 April 2023. 

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

Why do similar properties have different rateable values?

When calculating a rateable value, the VOA considers how much a property could be let for, on a set date. The rateable value of properties can vary for a number of reasons like size or location.

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.