Have business rates increased ?

The rates due on a property are calculated by taking the Rateable Value (RV) and multiplying it by the government set multiplier. 

An RV is calculated using the properties open market rental value, changes to the rental market will therefore have an impact on the RV. 

The RV for a property changes every 5 years in line with revaluations of the rating list, at any revaluation a RV can increase, decrease or stay the same. 

In addition, the multiplier used to calculate the amount of rates due each year within the rating list changes each year in line with Consumer Price Index (CPI) and is set by the Government. 

For that reason, once the RV is set business rates payable will usually increase each year.