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.
The multiplier
The multiplier – also sometimes referred to as the Uniform Business Rate (UBR) – is a key factor in the calculation of your rates bill. It is set annually by the Welsh Assembly Government and determines the percentage (expressed as pence in the pound) of the rateable value of your property that you will pay in business rates. Since 1 April 2008, the multiplier has been set at 46.6p.
If the rateable value of your property was £10,000, your local authority would multiply it by 46.6p to get a total for the year of £4,660. If you are entitled to any form of rate relief, this sum is then adjusted to reflect that, making a final total for your rates bill. The multiplier usually changes each year in line with inflation.