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 is it calculated?
Your local authority calculates your business rates bill by multiplying the rateable value of your property by a factor set by the Welsh Assembly Government (expressed as pence in the pound). This is known as the multiplier, or Uniform Business Rate (UBR). For example, in 2008/09 the multiplier is 46.6p. So, if the rateable value of your property is £10,000, your local authority would multiply it by 46.6p to get a total for the year of £4,660, before any rate relief is applied.
Every five years the VOA carries out a revaluation of all business properties – the most recent one came into effect on 1 April 2005. Any rise in your rateable value at revaluation does not necessarily mean your rates bill will rise too. This is because the multiplier is adjusted to make sure the total amount raised from ratepayers stays the same after allowing for inflation.
For example, your rateable value might increase after a revaluation from £11,000 to £12,000. If the total level of rateable value also goes up, because property values in general have risen, the multiplier will fall - for 2005/06 it fell from 45.2p to 42.1p. Between revaluations, the multiplier increases each year in line with inflation.
Your local authority calculates the amount you should pay in business rates and then adjusts it to include any relief that you are entitled to.
For more information on the components of your bill, use the navigation on the left.