Business Rates - Rateable Values

The Rateable Value of a property is set by the Valuation Office Agency , which is part of HM Revenue & Customs.

Rateable values are based on:

• The rental value that a well maintained property would attract
• The floor area of the building
• The usage of the building
• The location of the building

Check the rateable value of a property in the Borough of Poole

How Business Rates are Calculated

The Rates Payable are calculated by multiplying the Rateable Value by the Uniform Business Rate. This is the amount payable for every £1.00 of the rateable value and is set by Central Government each year to take effect from 1 April. It is currently £0.462 for this financial year (1st April 2008 to 31st March 2009).

e.g. If your Rateable Value is £10,000.00 then your Rates Payable would be £4,620.00 (10,000 X 0.462 = 4,620)

Rate Refunds

If your Rateable Value is reduced then you will be entitled to a refund of any overpayment. In addition to this, interest will be payable at 1% below the Bankof England base rate as at 15th March of the previous year. Refunds will only be issued providing the rates for the relevant period have been paid in full and a Liability Order has not been issued due to non-payment