Business rate calculator

Several factors can affect the amount of business rates a property owner is required to pay. 

1. Rateable value: The rateable value of the property is a primary determinant. This value reflects an estimate of the property’s open market rental value.

2. Location: The geographical location of the property is crucial. Different regions or local authorities have different rates, and rates can vary significantly between areas.

3. Property usage: The type of property and its primary use can impact the rateable value and the business rates. 

4. Rate multiplier: The multiplier set by the government, is applied to the rateable value to calculate the actual amount of business rates due.

5. Reliefs and exemptions: Various reliefs and exemptions may be available, which can reduce the amount of business rates payable.

6. Empty property rate: Properties that are empty for an extended period may be subject to an empty property rate, which is a higher rate of business rates.

7. Local authority decisions: Local authorities may have authority to grant additional reliefs or supplements based on specific local conditions and policies.

8. Economic conditions: Economic factors such as inflation rates, changes in property market conditions, and business performance can indirectly influence business rates.