The Business Rates Multiplier 2024/25: What You Need to Know

What is the Business Rates Multiplier?

The business rates multiplier is a figure set by the UK government, which is used to calculate your business rates bill. It represents the number of pence per pound of rateable value that your business will pay. Essentially, your rates bill is determined by multiplying your property’s rateable value by the multiplier, and then applying any reliefs.

In 2024/25, the multiplier is subject to changes, likely impacted by inflation and adjustments made by the government to support businesses facing economic challenges. Businesses in England, especially those in retail, hospitality, and property sectors, will feel the brunt of these changes.

Anticipated Changes to the 2024/25 Multiplier

For 2024/25, the government is expected to adjust the business rates multiplier to accommodate inflationary pressures. The multiplier is typically adjusted every year based on the Retail Price Index (RPI) or Consumer Price Index (CPI), meaning businesses could face higher costs if inflation continues to rise.

Businesses should keep a close eye on this adjustment because even a small percentage increase can lead to a significant rise in their business rates bill. The government may also introduce reliefs or exemptions to mitigate some of the impact for small businesses and certain sectors, so it’s crucial to stay informed.

How It Can Impact Your Business

The impact of the business rates multiplier will largely depend on the rateable value of your property. If your business operates from a high-value commercial property, even a modest increase in the multiplier could lead to a substantial rise in costs. Small businesses, on the other hand, may benefit from reliefs, but those operating in high-value areas might face more financial strain.

Steps to Take:

• Review your rateable value: It’s essential to know your property’s rateable value, as this forms the basis of your business rates. You can find your rateable value by checking the Valuation Office Agency’s (VOA) database.
• Consider appealing your rates: If you believe your rateable value is too high, you can appeal to the VOA for a revaluation. We offer Business Rates & VOA services that help businesses review and appeal their valuations, potentially reducing their rates bill.
• Explore other cost-cutting solutions: In addition to managing business rates, you can also explore services that optimize your overall operational costs, such as Utilities Management, which we also offer at D2S Business Solutions.

Supporting Your Business in Challenging Times

At D2S Business Solutions, we understand the challenges businesses face, especially when dealing with unexpected costs. From new business setup to benefits and welfare support and pest control solutions, we provide a wide range of services to help businesses reduce operational costs and remain compliant.

If you're looking for more tailored business advice, or additional support in handling your financial challenges, including welfare support, visit our sister site Your Support Line for personalized guidance. Navigating the business rates multiplier can be daunting, but with the right support and careful planning, your business can stay resilient and continue to grow in the coming years.