The business rates you pay are calculated using the rateable value of your premises and then applying any reliefs that apply.
The steps are:
- find the rateable value of your business (GOV.UK). This is an estimate of its open market rental value on 1 April 2021
- check the table (GOV.UK) to find out which ‘multiplier’ to use. Apply the standard multiplier if your rateable value is £51,000 or more. Use the small business multiplier if your rateable value is below £51,000
- multiply your rateable value by your multiplier. This shows you how much you will have to pay in business rates (before any relief is deducted)
- take away any business rate relief (GOV.UK) that you’re entitled to. If your business rates are increasing as a result of the 2023 revaluation, this may include transitional relief (GOV.UK) so that changes to your bill are phased in gradually