What is the rateable value?
The rateable value is assessed by the Valuation Office Agency (VOA), which is an agency of HM Revenue and Customs.
A property’s rateable value (RV) is an estimate of the yearly rent it could reasonably achieve on the open market at a fixed valuation date.
From 1 April 2023, the rateable values will be based on the valuation date of 1 April 2021.
- From 1 April 2026, the rateable values will be based on the valuation date of 1 April 2024.
The VOA sets the rateable value of business premises by using property details such as rental information.
We use the rateable value and the business rates multiplier (set by central government) to calculate your business rates bill.
| Year | Small business multiplier | Standard multiplier |
|---|---|---|
| 2021/22 | 49.9p | 51.2p |
| 2022/23 | 49.9p | 51.2p |
| 2023/24 | 49.9p | 51.2p |
| 2024/25 | 49.9p | 54.6p |
| 2025/26 | 49.9p | 55.5p |
Business Rate 2026 Revaluation
From 1 April 2026, The Valuation Office Agency (VOA) has updated rateable values for all commercial properties as part of the national revaluation, which occurs every three years.
You can find more information at Help with the 2026 business rates revaluation – GOV.UK
Changes to the business rate multipliers from 1 April 2026
From 1 April 2026, the Government is introducing a new system of five business rate multipliers. These multipliers determine how your business rates are calculated and are now based on both the use of the property and its rateable value.
Under the new structure:
- Retail, Hospitality and Leisure (RHL) properties will benefit from lower multipliers.
- Most other commercial properties will fall under either the small business multiplier or the standard multiplier.
- High‑value properties will be subject to higher multipliers.
This new five‑band system:
| Category | Rateable Value Threshold | Multiplier |
|---|---|---|
| Small Business RHL | Below £51,000. | 38.2p |
| Small Business (non-RHL) | Below £51,000. | 43.2p |
| Standard RHL | £51,000 – £499,999 | 43.0p |
| Standard (non-RHL) | £51,000 – £499,999 | 48.0p |
| High Value (all uses) | £500,000+ | 50.8p |
Please refer to our FAQ page for further information and frequently asked questions
FAQ’S for Business Rate changes 2026/27
Can I appeal against my property’s valuation?
The Valuation Office Agency (VOA) values all business properties for business rates. The valuation is based on information the VOA holds about your property. You can view and update this information at gov.uk/voa/valuation.
You can contact the VOA at gov.uk/contact-voa. If you are unable to use the online service you can also contact the VOA on 03000 501 501.
