Business Rates Valuation In London

Business rate is a tax implemented on the occupation of a commercial or non-domestic property. The business rate is computed by Valuation Office Agency (VOA) which is a government body and an executive agency of  Her Majesty’s Revenue and Customs. Around 1.7 million non-domestic properties in England and 100,000 in Wales are assessed in a rating list and their annual rental value is noted down by VOA. The collection of business rate is usually done by the local council of the area. One always enjoys the option of getting in touch with the VOA in case of a query or concern regarding the valuation of his / her property.

Instructions

  • 1

    Rateable Value and multiplier

    Rateable value is the rental value at which the property can be let for a whole year. It is computed by a valuation officer and is printed on the front of your bill. The rateable value is then multiplied with a multiplier to compute the Business rate. There are usually two multipliers; one is a standard, non-domestic multiplier and the other a is small business non domestic multiplier. The multiplier is revised every year in harmony with changing inflation rate and the cost of small business rate relief.

  • 2

    Exception

    This method of computation of business rate holds good for areas that fall under the purview of all the Local Councils of London except 'City of London'.  The 'City of London' local council may set its own rate higher or lower than what is set for areas outside this council.

  • 3

    Collection of Business Rate

    The business rates are collected by the respective Local Council of the area, except for 'City of London' where it has nominated another company 'Liberata' for the collection of the business rates.

    Location: The City of London Rates Section, Liberata UK Ltd, 4th floor, 125 Wood Street, London EC2V 7AN. View Map.
    Contact: +44 20 7332 1318

  • 4

    Property Owner's Rights

    You have the right to:

    - Find property valuation of your property.
    - Compare your valuation with others' properties.
    - Amend your property details.
    - Appeal your valuation or find your appeal information.

    Click here for details.

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