Business Rates Explained
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 2017/18 was 0.4990 and for 2018/19 is 0.514.
How are my business rates calculated?
Rateable Value £20,000 x Multiplier 0.514 = Rate Bill £10,280
This will give you the gross liability but you may be entitled to certain Reliefs.