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.
From 1 April 2017 the national non-domestic multiplier will be 47.9p and the small business non-domestic multiplier will be 46.6p.
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. Until 31 March 2017, the rateable values will be based on a valuation date of 1 April 2008. From 1 April 2017, the rateable values will be based on the valuation date of 1 April 2015.
Business Rates Instalments
Payment of business rate 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 Councils Business Rates Department as soon as possible.
Appealing the Rateable Value
The ratepayer (and certain others who have an interest in the property) can also appeal against the value shown.
Full details of your right of appeal are available from the Valuation Office Agency.