How business rates are calculated
Rateable Value
Apart from properties that are exempt from Business Rates, each non-domestic property has a rateable value, which is set by the valuation officers of the Valuation Office Agency (VOA), an agency of the Inland Revenue. It draws up and maintains a full list of all rateable values, which are available on their website.
The rateable value of your property will be shown on the front of the bill. The rateable value broadly represents the yearly rent the property could have been let for on the open market on a particular date. For the revaluation that came into effect on 1 April 2023, this date was set as 1 April 2021.
The Valuation Officer has to maintain the list and may alter the value if he or she believes that the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) can also appeal against the value shown in the list if they believe it is wrong. Further information on the grounds for making an appeal, and on how to make one, can be found on the VOA website or from your local valuation office:
Valuation Office
Telephone: 03000 501 501
Revaluation of Business Rates
The Valuation Office are currently collecting information for the next revaluation of business rates in England and Wales – Revaluation 2023.
If you think your rateable value is incorrect, you can find and view your property details at gov.uk/correct-your-business-rates
The effect of successful appeals against values shown in the rating list that came into force on 1 April 2010 will normally be backdated to the beginning of the financial year in which they are made, although there are exceptions to this. Further information about these arrangements may be obtained on the Valuation Office Agency website.
Non-domestic rates
We calculate your business rates bill by multiplying the rateable value of the property by the multiplier or ‘poundage’, which the government sets from 1st April each year for the whole of England. The government normally changes the multiplier every year to move in line with inflation.
Further Information
Revenues and Benefits
PO Box 1257
Lincoln
Lincolnshire
LN5 5PQ
Telephone: 01522 873 342
Email: revenues@lincoln.gov.uk