Business Rates (NNDR) explained

Roles and responsibilities

  • The Valuation Office Agency (VOA)  sets the rateable value of business premises by using property details such as rental information.
  • The local authority works out the Business Rates bill by multiplying the Rateable Value by the business rates multiplier

Rateable Value

The rateable value is assessed by the Valuation Office Agency, which is an agency of HM Revenue and Customs.

A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.

  • Until 31 March 2023, the rateable values will be based on the valuation date of 1 April 2015.
  • From 1 April 2023, the rateable values will be based on the valuation date of 1 April 2021.
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