Your business rates bill is calculated by multiplying the rateable value of your property by a uniform business rate (UBR) multiplier.
Any relief or other adjustment to which you are entitled is then applied.
The rateable value and the UBR multiplier are both calculated and maintained by the government's Valuation Office Agency (VOA) and by central government, not by the council.
A property's rateable value is an assessment of the annual rent the property would demand if it was available to let on the open market at a fixed valuation date.
The latest rating lists came into effect on 1 April 2017 and are based on a valuation date of 1 April 2015.
Rateable values are reviewed every five years; the next review will take place in 2022.
Uniform business rate multiplier
The uniform business rate (UBR) multiplier for 2018-19 is 49.3p, or 48p for small businesses.
This means that for every £1 of rateable value, a ratepayer is required to pay 49.3p in business rates (before any relief is taken into account).
In 2017-18 the UBR multiplier was 47.9p, or 46.6p for small businesses.
In 2016-17 the UBR multiplier was 49.7p, or 48.4p for small businesses.
In 2015-16 it was 49.3p, or 48.0p for small businesses.
In 2014-15 it was 48.2p, or 47.1p for small businesses.
If your rates bill has changed significantly as a result of a revaluation, it may be affected by a transitional adjustment.
Transitional arrangements soften the impact of revaluation by phasing in increases or decreases to business rates over a period of time.
Transitional relief is automatically calculated by us and will be reflected in your bill.
Find out more about transitional relief on www.mybusinessrates.gov.uk.