{"id":255074,"date":"2024-04-13T14:02:58","date_gmt":"2024-04-13T14:02:58","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/?p=255074"},"modified":"2024-04-13T14:02:58","modified_gmt":"2024-04-13T14:02:58","slug":"what-is-a-rateable-value-for-business","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/","title":{"rendered":"What is a rateable value for business?"},"content":{"rendered":"<p>**What is a rateable value for business?**<\/p>\n<p>A rateable value for a business is the estimated open market rental value of a non-domestic property at a specific point in time. It is used to calculate the business rates that a company must pay to the local council.<\/p>\n<p>The rateable value is determined by the Valuation Office Agency (VOA) in England, the Scottish Assessors in Scotland, and the local councils in Wales and Northern Ireland. They assess the value based on factors such as the size, location, usage, and condition of the property.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#FAQs\" title=\"FAQs:\">FAQs:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#1_Why_is_rateable_value_important_for_businesses\" title=\"1. Why is rateable value important for businesses?\">1. Why is rateable value important for businesses?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#2_How_often_is_the_rateable_value_reviewed\" title=\"2. How often is the rateable value reviewed?\">2. How often is the rateable value reviewed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#3_Can_a_business_appeal_against_the_rateable_value\" title=\"3. Can a business appeal against the rateable value?\">3. Can a business appeal against the rateable value?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#4_Does_the_rateable_value_affect_small_businesses_differently\" title=\"4. Does the rateable value affect small businesses differently?\">4. Does the rateable value affect small businesses differently?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#5_How_are_business_rates_calculated_based_on_rateable_value\" title=\"5. How are business rates calculated based on rateable value?\">5. How are business rates calculated based on rateable value?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#6_Do_all_businesses_have_to_pay_business_rates\" title=\"6. Do all businesses have to pay business rates?\">6. Do all businesses have to pay business rates?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#7_How_does_the_rateable_value_affect_rental_costs\" title=\"7. How does the rateable value affect rental costs?\">7. How does the rateable value affect rental costs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#8_How_are_businesses_notified_of_their_rateable_value\" title=\"8. How are businesses notified of their rateable value?\">8. How are businesses notified of their rateable value?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#9_Can_the_rateable_value_change_between_revaluations\" title=\"9. Can the rateable value change between revaluations?\">9. Can the rateable value change between revaluations?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#10_What_happens_if_a_business_disputes_the_rateable_value\" title=\"10. What happens if a business disputes the rateable value?\">10. What happens if a business disputes the rateable value?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#11_Are_there_any_exemptions_or_reliefs_available_for_businesses\" title=\"11. Are there any exemptions or reliefs available for businesses?\">11. Are there any exemptions or reliefs available for businesses?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#12_How_can_businesses_reduce_their_business_rates\" title=\"12. How can businesses reduce their business rates?\">12. How can businesses reduce their business rates?<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"1_Why_is_rateable_value_important_for_businesses\"><\/span>1. Why is rateable value important for businesses?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe rateable value is crucial because it determines how much a business has to pay in business rates, which is a significant expenditure for many companies.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_How_often_is_the_rateable_value_reviewed\"><\/span>2. How often is the rateable value reviewed?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe rateable value is reviewed every five years in England, Scotland, and Wales. This is done to ensure that the valuations reflect current market conditions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Can_a_business_appeal_against_the_rateable_value\"><\/span>3. Can a business appeal against the rateable value?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, a business can appeal the rateable value if they believe it is incorrect. They can provide evidence of similar properties with lower values or highlight any significant changes that may impact the value.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Does_the_rateable_value_affect_small_businesses_differently\"><\/span>4. Does the rateable value affect small businesses differently?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nSmall businesses may be eligible for certain rate relief schemes, such as Small Business Rate Relief in England. These schemes aim to support smaller companies by reducing their business rates burden.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_How_are_business_rates_calculated_based_on_rateable_value\"><\/span>5. How are business rates calculated based on rateable value?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nTo calculate the business rates, the rateable value is multiplied by the &#8220;multiplier&#8221; set by the government, known as the Uniform Business Rate (UBR). For example, if the rateable value is \u00a310,000 and the UBR is 50p, the annual business rates would be \u00a35,000.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Do_all_businesses_have_to_pay_business_rates\"><\/span>6. Do all businesses have to pay business rates?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nMost non-domestic properties are subject to business rates. However, some exemptions apply, such as agricultural land and buildings, certain charities, and newly built properties with a temporary exemption.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_How_does_the_rateable_value_affect_rental_costs\"><\/span>7. How does the rateable value affect rental costs?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIn some cases, the rateable value can influence the rental costs of a non-domestic property. Landlords may take into account the business rates payable by the tenant when determining the rent.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_How_are_businesses_notified_of_their_rateable_value\"><\/span>8. How are businesses notified of their rateable value?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe VOA or respective local councils will send a notice to businesses with their updated rateable value after the revaluation takes place.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_Can_the_rateable_value_change_between_revaluations\"><\/span>9. Can the rateable value change between revaluations?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe rateable value can be changed before the scheduled revaluation if there are significant alterations to the property, changes in market conditions, or errors in the original valuation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_What_happens_if_a_business_disputes_the_rateable_value\"><\/span>10. What happens if a business disputes the rateable value?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf a business disputes the rateable value and no agreement is reached through negotiation, they can appeal to the Valuation Tribunal. This independent body will review the evidence and make a determination.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_Are_there_any_exemptions_or_reliefs_available_for_businesses\"><\/span>11. Are there any exemptions or reliefs available for businesses?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, there are various exemptions and reliefs available for businesses, depending on the specific circumstances. These include small business rate relief, rural rate relief, and charitable rate relief, among others.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_How_can_businesses_reduce_their_business_rates\"><\/span>12. How can businesses reduce their business rates?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBusinesses can explore various avenues to reduce their business rates. This includes applying for reliefs and exemptions, seeking professional advice on rate reduction strategies, or engaging in negotiations with the VOA or local council.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>**What is a rateable value for business?** A rateable value for a business is the estimated open market rental value of a non-domestic property at a specific point in time. It is used to calculate the business rates that a company must pay to the local council. The rateable value is determined by the Valuation &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"What is a rateable value for business?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/#more-255074\">Read more<span class=\"screen-reader-text\">What is a rateable value for business?<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-255074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a rateable value for business?<\/title>\n<meta name=\"description\" content=\"**What is a rateable value for business?** A rateable value for a business is the estimated open market rental value of a non-domestic property at a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a rateable value for business?\" \/>\n<meta property=\"og:description\" content=\"**What is a rateable value for business?** A rateable value for a business is the estimated open market rental value of a non-domestic property at a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/namso-gen.co\/blog\/what-is-a-rateable-value-for-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Namso Gen Blog - 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