Business rates are based on the rateable value of your property.
The Valuation Office Agency (VOA) works out the rateable value and keeps the information in the rating list.
Read the full guidance on valuations on the GOV.UK.
2026 Revaluation
The VOA updates rateable values periodically in a process called revaluation. The next revaluation will come into effect on 1 April 2026.
These new Rateable Values are using the set valuation date of 1 April 2024.
Revaluations are done to reflect changes in the property market and make sure bills are based on up-to-date rental values.
Further information on the 2026 Revaluation from GOV.UK
Understand your rateable value
The rateable value is the VOA’s estimate of the annual rent your property could have been let for:
- on a set valuation date
- on the open market
- assuming it is in good repair
It is not the same as your rent or your business rates bill. Your bill is worked out by multiplying the rateable value by the business rates multiplier.
Find your rateable value online
You can check your property’s rateable value on the Valuation Office Agency (VOA) website.
You will be able to:
- search by address or postcode
- see how the value was calculated
- check details such as property size, type and use
Challenge your rateable value
If you believe the details about your property are incorrect or the value is too high, you can ask the VOA to change it.
This is called Check and Challenge:
- Check the property details the VOA holds for you
- Challenge the valuation if the details are wrong or the value is inaccurate
Check and Challenge your property valuation on GOV.UK.
When values change
The VOA updates rateable values periodically in a process called revaluation.
Revaluations are done to reflect changes in the property market and make sure bills are based on up‑to‑date rental values.
Report changes to your property
You must tell the VOA about:
- building or demolition work
- a change in how the property is used
- combining or splitting properties
You can report changes through the VOA website.
Self-catering properties and holiday lets
If you own a self-catering property or holiday let, it may be classed as a business and charged business rates instead of Council Tax.
Your property will usually be rated for business rates if:
- It is available to let for 140 days or more in the current financial year
- It has been actually let for at least 70 days in the last year
These rules are set by the Valuation Office Agency (VOA).
If your property does not meet these conditions, it may be charged Council Tax instead.
Check business rates rules for holiday lets on the GOV.UK website.