How your Bill is Calculated
Your annual Business Rates bill is calculated by multiplying the rateable value, assessed by the Valuation Office Agency, by the multiplier, or 'rate in the pound', which is set by the Government each year (for 2023/24 it has been set at 49.9p if your RV is below £51,000 or 51.2p if it is £51,000 or higher). So, if your rateable value is £16,000 your bill for the year would be £7,984.00. If you wish to check your rateable value you can do so via the Valuation Office Agency website, voa.gov.uk.
However, the amount you pay may not be simply the rateable value times the multiplier. The bill could be reduced if you have been awarded any relief or an exemption, or increased under a transitional arrangement.