Business Rates Savings Calculator
Business Rates is one of the biggest outgoings a business has to bear but it’s not easy budgeting for what has to be paid – Try our Business Rates Liability Calculator.
The annual Business Rates bill is issued for the upcoming financial year towards the end March, arriving just before the start of the fiscal year, giving you first sight of the liability you have to pay. The timing of the arrival leaves little time for budgeting for the period ahead, often just a couple of weeks notice. A problem exacerbated at a revaluation which going forward from 2023 occurs triennially.
The Chancellor in his Autumn budget announced that the business rate multipliers will be frozen for the 2023/24 financial year at 49.9 pence for the small multiplier and 51.2 pence for the standard multiplier. Given the recent record levels of inflation this will have truly offered a life line for some struggling rate payers.
In November the VOA released the draft list, the first insight into the changes that are going to be seen in the new 2023 rating list. For those who have seen their rateable value fall between the 2017 and 2023 list, they will benefit from the reduction straight away as downwards transition has been removed and Government will be funding upwards transition, the phased increases for those whose rateable values increase between the lists.
2017RV list, 2023RV list, correct multiplier, transitional calculations, relevant supplements and reliefs are all required to produce the business rates bills making this an often lengthy and complex calculation. We have built a liability calculator to help rate payers budget for the full 2023 revaluation, making the process as straightforward and simple as possible saving you time and money.
