Business Rate Multipliers
Each year, the Government sets the business rate multipliers which allow each Council to calculate the amount of business rate each business has to pay for the new financial year. The amount of business rates payable is calculated simply by multiplying the rateable value by the government multiplier.
There are two business rate multipliers:
1) The small business rate multiplier - This is applied to all business rate accounts that have a rateable value of less than £51,000.
2) The standard business rate multiplier - This is applied to all business rate accounts with a rateable value of £51,000 or more. The standard multiplier is higher as it includes a supplement within it which the Government uses to fund the small business rate relief scheme.
The multipliers are as follows:
|Financial Year||Standard Multiplier||Small Business Rate Multiplier|
| 2015/16|| 49.3p|| 48.0p|
| 2016/17|| 49.7p|| 48.4p|
| 2017/18|| 47.9p|| 46.6p|