Business Rates are a form of local taxation payable by the occupiers or owners of commercial properties such as shops, offices, pubs, warehouses and factories.
They are collected by the Council on behalf of the Welsh Government. The money collected is paid into a central 'pool' and then redistributed across Wales to help pay for services provided by all the local authorities.
There are other commercial interests that Business Rates are payable for such as telecommunication masts, advertising rights, cash machines and car parks etc.
What is the National Non Domestic Rating Multiplier?
The multiplier is the rate in the pound by which the rateable value is multiplied to produce the annual rate bill for a property. It is set annually by the National Assembly for Wales and except in a revaluation year cannot by law rise by more than the amount of the increase in the Retail Price Index. The multiplier for 2022/23 is 0.535 and remains the same for 2023/24.
How are my business rates calculated?
Business rates are calculated by taking the Rateable Value (RV) of your property, and multiplying it by the current non domestic rates 'multiplier' (or 'poundage').
Rateable value £20,000 x Multiplier 0.535 = Annual rate bill £10,700
This is the gross liability, but you may be entitled to certain Reliefs.