Changes to business rates including the 2023 revaluation

Find out the latest business rates multiplier and other recent changes to the business rates system

Revaluation 2023 

Finding your rateable value

You are now able to see the future rateable value for your property and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA's Find a Business Rates Valuation Service on GOV.UK.
This estimate is based on Wales' 2022-23 multiplier and small business rates relief. The multiplier will be updated for 2023-24, before business rates bills are sent, and may result in a change to the estimate shown.

If your property details need changing before 1 April 2023, use the 'Find a Business Rates Valuation Service' on GOV.UK to tell the VOA about changes to your property details (such as floor area sizes and parking).
After 1 April 2023, to tell the VOA about changes to your property details you will need to set up a business rates valuation account.
The VOA may accept your changes and update the current and future valuations.

If you think the rateable value is too high

Before 1 April 2023, use the Find a Business Rates Valuation Service on GOV.UK to tell the VOA you think the rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.
From 1 April 2023, you will need to use a business rates valuation account to tell the VOA you think your rateable value is too high.

How Coronavirus (COVID-19) affected the future rateable value

The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date.
For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.

The multipliers for 2021/22, 2022/23 and 2023/24 are:

  • Standard multiplier: 51.2
  • Small-business multiplier: 49.9

2017 revaluation

At revaluation, the Valuation Office Agency (VOA) adjusts the rateable value of business properties to reflect changes in the property market.

The most recent revaluation came into effect in England and Wales on 1 April 2017, based on rateable values from 1 April 2015.

Regular revaluations are used to make sure that rate payers continue to pay a fair contribution. The share of the national rates bill is split across various businesses based on the value of their property, relative to others, over time.

At the autumn budget it was confirmed that the frequency of revaluations would be increased to every three years. The next revaluation which was due in 2021 will no longer take place to help reduce uncertainty for businesses affected by the impacts of coronavirus.  The next Revaluation is scheduled to take place on 1st April 2023.

More information on the 2017 revaluation can be found on the government website

Transitional relief

Transitional relief limits how much your bill can change each year as a result of business rates revaluation. The next revaluation will come into effect on 1 April 2023.

This means changes to your bill are phased in gradually, if you’re eligible.

From the 2023 to 2024 tax year you’ll get transitional relief if your:

  • property is in England
  • rates go up by more than a certain amount

We will adjust your bill automatically if you’re eligible.

For more information on how much your bill will change by please see the Government website

Temporary reliefs and reductions

More information can be found at the available relies, reductions and exemptions page