The “rateable value” of your property which is  assessed by the Valuation Office Agency (VOA), (an agency of HM Revenue and Customs), is multiplied by the “multiplier” (set by central government).

 

Rateable value

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 2017, the rateable values will be based on a valuation date of 1 April 2008.
  • From 1 April 2017, the rateable values will be based on the valuation date of 1 April 2015.

If you think your rateable value is incorrect, you can find and view your property details here:

Find and correct your business rates valuation (GOV.UK website)

 

Revaluation

The VOA regularly reassess and update the rateable values of all business properties usually every five years. This is called a Revaluation. This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.

For more information on the 2017 Revaluation, rateable values, and business rates go to:
Revaluation of business rates 2017 (GOV.UK website)

 

Multiplier

There are two business rates multipliers: the standard multiplier and the small business multiplier. The government normally changes these multipliers each year in line with inflation. The 2017/2018 figures shown below are provisional and will be confirmed by the government before April 2017.

Year 2017/18 2018/19 ​2019/20

Small Business Multiplier

46.6p48.0p​49.1p

Standard  Multiplier

47.9p49.3p​50.4p

 

See also

 

Contact us

Telephone: 020 8545 3751
Fax: 020 8545 3960
Email: Business.Rates@merton.gov.uk

You can write to us at:

Director of Corporate Services
London Borough of Merton
PO Box No 559
Morden
SM4 5ZY

We are no longer able to attend to personal visitors at the Civic Centre. You can email us anytime or telephone between 9am and 5pm.