Business rates are calculated using a properties Rateable Value (RV) which is determined by a properties open market rental value.
The RV is then multiplied by a figure known as the multiplier. The multiplier changes each year in line with Consumer Price Index (CPI) and is set by the Government. The multiplier for Wales is set by the Welsh Assembly and for England it is set by Government in Westminster. The City of London also has its own multiplier.
There are two multipliers set in England, one for small business classed as those with an RV below £51,000 and one for those properties with an RV over £51,000.
In England, the current multipliers are : Small business : 49.1 / Higher multiplier : 50.4
In Wales the current multipliers is 52.6.
To determine your rates bill you take your RV and multiply it by the figure above depending on your RV and location ( e.g RV x 0.491/0.54 or 0.526) . This will give you the amount of rates payable over the rating year which runs 1st April- 31st March.