How Business Rates are calculated?
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 2020 the national non-domestic multiplier is 51.2p and the small business non-domestic multiplier is 49.9p. (From 1 April 2019 the national non-domestic multiplier was 50.4p and the small business non-domestic multiplier was 49.1p).
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 1st April 2017, this date was set as 1st 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.