What are business rates?
Business rates are a local tax charged on most non-domestic properties, like:
- holiday rental homes or guest houses
- Self Catering Holiday Lets:
There are additional criteria for self catering holiday properties that must be met before the Valuation Office Agency will consider removing a property from the council tax list and rating it for business rates. Details of the changes, which took effect on 1st April 2023, can be found here: https://www.gov.uk/government/news/changes-to-business-rates-rules-for-self-catering-properties
You’ll probably have to pay business rates if you use a building or part of a building for any non-domestic purposes.
The rateable value is set by the Valuation Office Agency - we issue bills based on these values.
What is the rateable value?
The rateable value is the amount of rent a property could have been let for on a set valuation date - for the 2023 valuation, that date was 1 April 2021.
We use these rateable values to calculate business rates bills.