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Be prepared for business rate changes as rateable value update takes effect

Business rates are a tax on property used for business purposes, whether it be working from a commercial property or possibly from home.

The Government levies the charge on offices, shops, pubs, and warehouses. In fact, most non-domestic properties will attract business rates. They may also be charged where only part of a building is used for non-domestic purposes.

The Valuation Office Agency (VOA) has updated the rateable values of all business, and other non-domestic properties in England and Wales. They will take effect from 1 April 2023.

How are they calculated?

You will receive a business rates bill from your local council in February or March each year for the upcoming 12 months.

They will be based on the property’s ‘rateable value’, the estimated value on the open market.

The rateable value for your property is not what you pay in business rates or rent. Your council uses the rateable value to calculate your business rates bill.

The Government has also announced a package of rates relief for businesses as part of the Autumn Statement 2022.

It says it has also pledged to reform the business rates system by delivering more frequent business rate revaluations.

Changes to business rates in 2023:

  • Business rate multipliers will be frozen from 2023-2024. The multiplier represents the number of pence in each pound of the rateable value that will be payable in business rates before any relief or discounts are applied
  • A transitional relief scheme will cap bill increases caused by changes in rateable values at the 2023 revaluation
  • For retail, hospitality, and leisure business rates relief will be increased from 50 per cent to 75 per cent (up to £110,000 per business) in 2023-24
  • The increases are capped at £600 per year from April 2023 if businesses lose their eligibility for small business rates relief as a result of the revaluation.

The Government has a tool you can use to check the VOA’s rateable value for your property.

Need help with legal commercial property matters? Contact us today.


Carl Jones

Director - Head of Commercial Department

I qualified as a Solicitor having completed my training with Mander Hadley in 1992 and am a member of the Law Society Property Section and The Warwickshire Law Society.