The Valuation Office Agency (VOA) regularly updates the rateable values of all business properties. This is called a revaluation.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021.
The VOA use these rateable values to calculate business rates bills.
Revaluations are carried out to reflect changes in the property market, which means that business rates bills are based on more up-to-date information.
The next revaluation will come into effect on 1 April 2023.
Revaluation 2023
You can get an estimate of what your business rates bill may be from 1 April 2023 through GOV.UK's find a business rates valuation service.
You will need to sign into, or set up, a business rates valuation account on GOV.UK to tell the VOA about changes to your property details. These changes can include things like floor area sizes and parking.
From 1 April 2023, you will be able to use your account to let the VOA know if you think your new rateable value is too high.
Revaluation 2017
Transitional relief
The Valuation Office Agency revalued properties for 2017. As a result, the amount of business rates you need to pay may change.
Transitional relief schemes limit the effect of the changes, so that both increases and decreases to bills will be brought in gradually, over as many as 5 years.
The transition scheme only applies to the bill for properties present in the rating list on 1 April 2017.
We apply the transition relief automatically if you’re eligible - you do not need to apply - and the relief will be on your bill.
You can find more information in our explanatory notes document (pdf)
Extension
At the budget on 27 October 2021 the government announced that it would extend the current transitional relief scheme and the supporting small business scheme for one year to the end of the current revaluation cycle.
The scheme will restrict increases in bills to 15% for businesses with small properties (up to and including £20,000 rateable value) and 25% for medium properties (up to and including £100,000 rateable value).
You can find more information in our Transitional Relief and Supporting Small Business Rates Relief policy (pdf)
Rate increase limits
| Rateable value | 2017 to 2018 | 2018 to 2019 | 2019 to 2020 | 2020 to 2021 | 2021 to 2022 | 2022 to 2023 |
|---|---|---|---|---|---|---|
| Up to £20,000 | 5.0% | 7.5% | 10.0% | 15.0% | 15.0% | 15.0% |
| £20,001 to £100,000 | 12.5% | 17.5% | 20.0% | 25.0% | 25.0% | 25.0% |
| Over £100,000 | 42.0% | 32.0% | 49.0% | 16.0% | 6.0% | n/a |
After the limits have been applied, your bill will still increase in line with inflation.
Rate decrease limits
| Rateable value | 2017 to 2018 | 2018 to 2019 | 2019 to 2020 | 2020 to 2021 | 2021 to 2022 |
|---|---|---|---|---|---|
| Up to £20,000 | 20.0% | 30.0% | 35.0% | 55.0% | 55.0% |
| £20,001 to £100,000 | 10.0% | 15.0% | 20.0% | 25.0% | 25.0% |
| Over £100,000 | 4.1% | 4.6% | 5.9% | 5.8% | 4.8% |
After your bill has been reduced by these limits, your bill will still increase in line with inflation.