mybusinessrates.gov.uk/wales the official government website
Working from home, renting out a holiday home or providing bed and breakfast - you may have to pay business rates on your property
Understanding summary valuations
Every five years the rateable values of all 1.75 million business properties in Wales and England are reassessed. The most recent revaluation came into effect on 1 April 2005. Many ratepayers received details of their proposed new rateable value in the form of a summary valuation.
How business rates work
Most businesses pay business rates – it is how they contribute towards the cost of local authority services. Exactly how much your business will pay depends on a number of factors – including the nature of your business, the location of your property, its size and how you plan to use it.
These factors are used by your local Valuation Office to set a rateable value for a property. This isn’t the amount you pay in rates, but represents the rental value of your property. Your local authority multiplies this by a factor known as the multiplier, or Uniform Business Rate (UBR) to calculate your rates bill, before sending it to you.
There are a number of reliefs that your business could be entitled to. If you think you might be eligible for any of them, you should contact your local authority and register with it as soon as possible.