How we calculate your bill

We calculate your business rate bill by multiplying the rateable value by the annual multiplier (rate in the pound) set by the government each year.

Rateable value

Each non-domestic property has a rateable value, as shown on the front of your bill.

The Valuation Office Agency (VOA) are responsible for setting rateable values. You can find the rateable value of your property using the VOA’s website. You'll need your postcode or property reference number.

The current list of rateable values came into effect on 1 April 2017 and they broadly represent the yearly rent the property could've been let for on the open market on 1 April 2015. The next revaluation will come into effect on 1 April 2022.

The VOA may change the rateable value if the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) can also appeal against the value shown in the list if they think it's wrong.

Find out more about the VOA and how to make appeals.

Multiplier

The government set the multiplier, which is the rate in the pound. It changes every year, usually in line with inflation. There are two multipliers; the standard multiplier and the small business multiplier (which we use to calculate bills for properties that aren't empty and have a rateable value of less than £51,000).  

For the period 1 April 2017 to 31 March 2018, the standard multiplier is 0.479 (or 47.9 pence in the pound) and the small business multiplier is 0.466 (or 46.6 pence in the pound).

We calculate your business rates bill for the financial year by multiplying the rateable value of the property by the appropriate multiplier and then deducting any reliefs. If your rate liability starts or ends part way through the year, we calculate your charge for the number of days you are liable.

Crossrail business rate supplement

The Greater London Authority introduced a business rate supplement (BRS) to finance £4.1 billion of the costs of the £14.5 billion Crossrail project.

The supplement is 2 pence in the pound of rateable value charged on all properties with a rateable value of over £70,000.

Business improvement districts

Business improvement districts (also known as BIDs) allow businesses in a specific area to develop improvement plans. This is carried out by the business improvement district company, who charge businesses within the improvement district. Find out more about Southwark's business improvement districts and other business networks.

Rating advisers

You can make an appeal against your rateable value free of charge. If you wish to be represented, members of the Royal Institute of Chartered Surveyors and the Institute of Revenues Rating and Valuation are qualified and regulated by rules designed to protect the public from misconduct.

Before you employ a rating adviser, you should check that they have the right knowledge and expertise, as well as indemnity insurance. Take great care and, if necessary, seek further advice before entering into any contract.

Page last updated: 11 October 2017