You then need to select the correct 'multiplier value' from the table below. The standard multiplier applies to rateable values of £51,000 and over. You should use the small business multiplier if the rateable value of your property is less than £51,000.
The next step is to multiply the rateable value by the multiplier. This calculation shows how much you must pay in business rates (before any rate relief deductions).
Year 2019 to 2020: The standard multiplier is 50.4 pence and the small business multiplier is 49.1 pence
Year 2018 to 2019: The standard multiplier was 49.3p and the small business multiplier is 48.0p
Year 2017 to 2018: The standard multiplier was 47.9p and the small business multiplier was 46.6p
Year 2016 to 2017: The standard multiplier was 49.7p and the small business multiplier was 48.4p
Note: If the rateable value is below £18,000 (or £25,500 in Greater London) you can use the small business multiplier before 2017/18. Different multiplier values apply in parts of Wales and in the City of London.
Business Rates Example Calculation:
Barry runs a business in Manchester, England. The rateable value of his business is £12,000.
He would use the 2019 to 2020 small business multiplier (49.1 pence) to estimate business rates as follows:
£12,000 (rateable value) x £0.491p (multiplier) = £5,892 (basic business rates).