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What is Business rate?
Business rate, otherwise known as
National Non-Domestic rate (NNDR) is a tax on properties that are
not used for domestic purposes such as shops, factories and
offices.
If your
property is used for both domestic and non-domestic purposes part
of it will be assessed for business rates and the other part for
Council Tax, for example a public house.
Non-domestic rate or business rate is
the way the users of non-domestic properties contribute towards the
cost of providing services such as roads, the Police and the Fire
Brigade.
The income from the non-domestic rate
is paid into a national pool and redistributed between authorities
in proportion to their adult population. Business rate, together
with Council Tax, helps us to pay for your services.
The borough now has two business improvement
districts, Hainault Business
Park and Ilford Town Centre.
Who pays business rates?
The organisation or person using the property pays the business
rate. If you are the owner of an empty property you may have to pay
business rate. All non-domestic properties have a 2010
rateable value unless they are specifically exempt. This is
assessed by the Valuation Office Agency
When is a property revalued?
The last revaluation of all non-domestic properties was
in 2010 using 2008 rents. Revaluations of properties are
conducted every 5 years to keep rateable values up to date and to
ensure that each ratepayer’s bill is fair in relation to all
others. You can appeal against your rateable value if you think it
is wrong.
How to find out what your rateable value is?
The rateable value of your property is assessed by the Valuation
Office Agency who is part of H M Revenues & Customs. The
current rateable (2010 list) value broadly represents the annual
rent the property could have been let for in 2008, a copy of which
may be inspected at Valuation
Office Agency's website or at our offices.
The Valuation Office
10th floor
Crown House
Linton Road
Barking
Essex
IG11 8HJ
Tel No. 03000 501 501
Rating multiplier
The national non-domestic rating multiplier is the rate in the
pound fixed each year by the Government. (The rateable value of a
property is multiplied by the rate in the pound to produce the
gross annual rate bill for a property). After each revaluation, the
poundage is adjusted so that the total burden on ratepayers remains
broadly the same.
Between revaluations the rate in the pound cannot increase by
more each financial year than the annual rate of inflation in the
previous September. The rating multiplier for 2012/13 is
0.458, and for 2011/12 was 0.433
More information can be found in the Business
Rates Explanatory Notes 2012/13(pdf 850kb)
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