How Are Business Rates Bills Calculated?

Your business rates bill is calculated by multiplying the rateable value of your business  property by a particular factor which is set by the central governing authority. Every business property has a rateable value. The rateable value of your property is based on the assessment of the annual rent of your property if it was offered for rent on the open market on a fixed valuation date. This determines the rental value and rateable value of your property. The set factor by the government is known as the multiplier. A multiplier is always expressed in pence. So if the multiplier is 46 pence and the rateable value of your property is 10,000 pounds. Your business rate bill will be 10,000 multiplied by 46.