Brentwood Borough Council Business - Business Rates - How are my rates calculated?

Brentwood Borough Council Business - Business Rates - How are my rates calculated?

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How are my rates calculated?

Coins stacked upYour business rates bill is calculated by multiplying the rateable value of your property by a uniform business rate (UBR) multiplier.

Any relief or other adjustment to which you are entitled is then applied.

The rateable value and the UBR multiplier are both calculated and maintained by the government's Valuation Office Agency (VOA) and by central government, not by the council.

Rateable value

A property's rateable value is an assessment of the annual rent the property would demand if it was available to let on the open market at a fixed valuation date.

The latest rating lists came into effect on 1 April 2010 and are based on a valuation date of 1 April 2008.

You can check your property's rateable value on the VOA's business rates webpages.

 

What is Transitional Relief?

Rateable values can change considerable between each revaluation, especially if rental values are increasing in the area faster than in other areas. Transitional arrangements help to phase in the effects of these changes by limiting the amount by which a bill may increase following a revaluation. To help pay for the limits on increases in bills after a revaluation, there also have to be limits on reductions in bills. Under the transition scheme, limits continue to apply to yearly increases and decreases until the full amount is due (rateable value times the multiplier).

The scheme applies only to the bill based on a property at the time of the revaluation. If there are any changes to the property after the revaluation date, transitional arrangements will not normally apply to the part of a bill that applies to any increase in rateable value due to those changes.

Any transitional adjustments that apply to your property will be shown on the front of your business rates bill.   

Breadcrumb, my location

How are my rates calculated?

Your business rates bill is calculated by multiplying the rateable value of your property by a uniform business rate (UBR) multiplier.

Any relief or other adjustment to which you are entitled is then applied.

The rateable value and the UBR multiplier are both calculated and maintained by the government's Valuation Office Agency (VOA) and by central government, not by the council.

Rateable value

A property's rateable value is an assessment of the annual rent the property would demand if it was available to let on the open market at a fixed valuation date.

The latest rating lists came into effect on 1 April 2010 and are based on a valuation date of 1 April 2008.

You can check your property's rateable value on the VOA's business rates webpages.

 

What is Transitional Relief?

Rateable values can change considerable between each revaluation, especially if rental values are increasing in the area faster than in other areas. Transitional arrangements help to phase in the effects of these changes by limiting the amount by which a bill may increase following a revaluation. To help pay for the limits on increases in bills after a revaluation, there also have to be limits on reductions in bills. Under the transition scheme, limits continue to apply to yearly increases and decreases until the full amount is due (rateable value times the multiplier).

The scheme applies only to the bill based on a property at the time of the revaluation. If there are any changes to the property after the revaluation date, transitional arrangements will not normally apply to the part of a bill that applies to any increase in rateable value due to those changes.

Any transitional adjustments that apply to your property will be shown on the front of your business rates bill.