Business Rates - Rateable Value
Business rates are charged on most non-domestic properties like shops, offices, pubs, warehouses, factories, holiday rental homes or guest houses.
Business rates are calculated by multiplying the 'rateable value' of a property with a national figure (a 'multiplier') which is fixed annually by the government.
The rateable value is the legal term for the notional annual rental value of a property (the value a business property based on the yearly rent it could have been let for, on the open market), assessed by the valuation officers of the VOA (Valuation Office Agency).
