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How your bill is calculated

Date updated: 21/03/2024

We calculate your business rate bill by multiplying the rateable value by the annual multiplier (rate in the pound) set by the government each year.

Rateable value

Each non-domestic property has a rateable value, as shown on the front of your bill.

The Valuation Office Agency (VOA) are responsible for setting rateable values. You can find the rateable value of your property using the VOA’s website. You'll need your postcode or property reference number.

The current list of rateable values comes into effect on 1 April 2023 and they broadly represent the yearly rent the property could've been let for on the open market on 1 April 2021.  

Rating multiplier

For 2024/25, the Government has set two multipliers: the Small Business Non-Domestic Rate Multiplier of 0.499 and the National Non-Domestic Rate Multiplier of 0.546. The City's multipliers have been set at 0.515 (51.5p in the £) for small businesses and 0.564 (56.4p in the £) for other businesses. These are comprised of the multipliers set by the Government and a premium of 0.016 for the Small Business Non-Domestic Rate Multiplier and 0.018 for the National Non-Domestic Rate Multiplier levied to provide additional funding for the Police Service, security, resilience and contingency planning in the City.

Business rates supplement

The Greater London Authority is levying a business rate supplement of £0.02 is on all properties with a rateable value of more than £75,000, in relation to its contribution to the Crossrail project.

Further information is available from Greater London Authority's Funding for Crossrail.

Further information

Please see explanatory notes for information on reductions and reliefs:

Non-domestic rates explanatory notes