The business rates payable for a property are a combination of its rateable value and the applicable multiplier for the area, less any special reliefs.
The multipliers that apply in England for 2017-18 have been reduced from the rates in place for 2016-17. This is to offset the effect of the revaluation of English business properties which takes effect from 1 April 2017.
The revaluation exercise was undertaken in April 2015 and is based on the amount the property could be let for. As the previous revaluation was undertaken in 2008, just before the recession, some rateable values will have changed significantly.
You should soon receive a notice of your new business rates for 2017-18. You may qualify for business rates relief (not shown in that bill) such as relief for small business premises, small pubs, essential services in a rural area, agricultural or religious buildings, and buildings used by charities or by start-ups in enterprise zones. If the business rates relief hasn’t been given where it is due, you should contact the local authority which issued the rates bill.
If the rateable value of your property seems to be wrong, then you can appeal to the Valuation Office Agency, which is a branch of HMRC. We can help you do that.