The “rateable value” of your property which is assessed by the Valuation Office Agency (VOA), (an agency of HM Revenue and Customs), is multiplied by the “multiplier” (set by central government).
Rateable value
A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.
From 1 April 2023, the rateable values will be based on the valuation date of 1 April 2021.
If you think your rateable value is incorrect, you can find and view your property details here:
Find and correct your business rates valuation (GOV.UK website)
Revaluation
The VOA regularly reassess and update the rateable values of all business properties usually every five years. This is called a Revaluation. This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall. The latest revaluation is effective from 1 April 2023.
Multiplier
There are two business rates multipliers: the standard multiplier and the small business multiplier. The government normally changes these multipliers each year in line with inflation. However, for 2022/23 they are unchanged.
| Year | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 2023/24 |
|---|---|---|---|---|---|
| Small Business Multiplier | 49.1p | 49.9p | 49.9p | 49.9p | 49.9p |
| Standard Multiplier | 50.4p | 51.2p | 51.2p | 51.2p | 51.2p |
Contact us
You can contact us by:
Email: Business.Rates@merton.gov.uk
Telephone: 020 8545 3919 between 9am and 1pm.
You can write to us at:
Business Rates
London Borough of Merton
PO Box No 559
Morden
SM4 5ZY
We are no longer able to attend to personal visitors at the Civic Centre.