What is Rateable Value?

Business Rates are worked out based on your property’s rateable value. A property's rateable value is an assessment of the annual amount the property would rent for if it were available to let on the open market at a fixed valuation date. 

The estimate is made by the Valuation Office Agency (VOA). 

• Until 31 March 2023, the rateable value will be based on a valuation date of 1 April 2015
• From 1 April 2023, the rateable value is based on the valuation date of 1 April 2021

What is my rateable value?

You can check your rateable value on the Gov.UK website 

I think my rateable value is wrong 

You can look on GOV.UK to understand how non-domestic properties are assessed. 

If you want to challenge your rateable value you can check the information the Valuation Office Agency has used and let them know if something is incorrect using this guide: Check and challenge your business rates valuation: step by step  

You’ll need to continue paying your existing instalments until you know the outcome of the challenge or appeal made.

What professional advice is available? 

You do not have to have anyone representing you when you ‘challenge’ the rateable value, but you can seek advice from a specialist rating adviser who is regulated by rules of professional conduct and is a member of either the: 

• Royal Institution of Chartered Surveyors (RICS) 
• Institute of Revenues Rating and Valuation (IRRV) 

Before you employ a rating adviser, you should check that they have the knowledge and expertise, as well as appropriate indemnity insurance. You should be wary of rogue business rates agents.