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How business rates are calculated

We calculate business rates each year by taking a property's rateable value and multiplying it by the 'multiplier' set by the Welsh Government.

Business rate = rateable value of the property x multiplier for financial year.

Rateable value

All business properties which aren't homes are given a rateable value. It is a way of measuring how valuable each property is.

The value is an estimate by the Valuation Office Agency of how much it would cost to rent a property for a year on 21 April 2021. Read the guidance on how to calculate your business rates.

You can find the rateable value of your property online and view the information the VOA holds.

The multiplier

The multiplier is set by the Welsh Government each year.

The multiplier in Wales for 2024/25 is 56.2 pence in the pound.

Previous years' multiplier:

  • 2023/24 - 53.5p
  • 2022/23 - 53.5p
  • 2021/22 - 53.5p
  • 2020/21 - 53.5p
  • 2019/20 - 52.6p

Example calculation

A business premises with a rateable value of £15,000 will have a rates bill of £8,430 for the full financial year 1 April 2024 to 31 March 2025:

  • £15,000 x £0.562 = £8,430

Business rates relief

There are several relief schemes available which may reduce the amount of business rates you have to pay.

For more information contact us.