The Council works out the Business Rate bill by multiplying the rateable value of the property by the appropriate multiplier.
There are two multipliers: the standard non-domestic rating multiplier and the small business non-domestic rating multiplier.
The former is higher to pay for Small Business Rate Relief.
The national non-domestic multiplier is 51.2p and the small business non-domestic multiplier is 49.9p.
The rateable value of your property broadly represents the yearly rent the property could have been let for on the open market on a particular date.
For the revaluation that came into effect on 1 April 2017, this date was set as 1 April 2015.
Business Rates Instalments
Payment of Business Rates bills is automatically set on a 10-monthly cycle.
However, the Government has put in place regulations that allow businesses to require their council to enable payments to be made through 12 monthly instalments.
If you wish to take up this offer, you should contact Oldham Council’s Business Rates Department as soon as possible.
All rateable values are reassessed at a general revaluation.
The most recent revaluation took effect from 1 April 2017.
Revaluations make sure each ratepayer pays their fair contribution and no more, by ensuring that the share of the national rates bill paid by any one ratepayer reflects changes over time in the value of their property relative to others.
- Business Rates revaluation - gov.uk website
Transitional Arrangement Scheme
A £3.6 billion transitional relief scheme limits changes in rate bills as a result of the 2017 revaluation.
To help pay for the limits on increases in bills, there are also limits on reductions in bills. Under the transitional scheme, limits continue to apply to yearly increases and decreases until the full amount is due (rateable value times the appropriate multiplier).
The scheme applies only to the bill based on a property at the time of the revaluation.
If there are any changes to the property after 1st April 2017, transitional arrangements will not normally apply to the part of a bill that relates to any increase in rateable value due to those changes.
Changes to your bill as a result of other reasons (such as changes to the amount of small business rate relief) are not covered by the transitional arrangements.
The transitional arrangements are applied automatically and are shown on the front of your bill.
- Business Rates - gov.uk website