Multiplier for 2024/25 Announced

From 1st April 2024 the standard business rates muliplier in England will increase to 0.564 for properties with a valuation of £51,000 and above.   In Wales, a provisional multiplier for all properties has been proposed at 0.562.

All commercial properties are given a rateable value, as a way of measuring how valuable each property is.

This is an estimate by the Valuation Office Agency of how much it would cost to rent a property for a year on 21 April 2021.   The rateable value is an estimate of how much yearly rent the property could have earned on a particular date. Currently, the date is April 2021 for the current revaluation that took place 1 April 2023.

Revaluation
Revised rateable values come into effect from 1 April 2023. The next revaluation will be in three years.

Rateable values aren’t set by the council but by the Valuation Office Agency, which is part of HM Revenues and Customs.

The multiplier
Each year on 1 April the multiplier is changed by the government depending on the level of inflation.

In 2024/25 the multiplier in England is 0.546, so if your rateable value was £100,000 we would multiply this by 0.546p and your bill would be £54,600.  In Wales is 0.562, so if your rateable value was £100,000 we would multiply this by 0.562p and your bill would be £56,200.

Changes to the rateable value
The rateable value may change if any physical changes are made to your property, for example building or demolishing an extension. Ratepayers must ensure that they tell the VOA about any changes as soon as possible.