Business rates bills, overpayments and refunds
From April 2013, along with all other local authorities, Hull City Council will receive less government grant, but will keep about half of the Business Rates collected locally, providing a financial incentive to improve the local economy. The remainder will continue to go to central government for re-allocation to local authorities through various grants. Central government will continue to set the amount of rates you must pay each year.
How your business rate bill is calculated
Your rates bill is calculated by multiplying the rateable value of your property by a figure known as the rate multiplier, which is set by government. We use the Valuation Office Agency’s (VOA) assessment of your property's rateable value to calculate your business rates bill.
Find out more about your rateable value
For the 2015-16 financial year the multiplier, for properties which do not qualify for small business rate relief, is 49.7 pence per pound. So for example a rateable value of £1,000 x 49.7 pence = a business rate of £497, before any reliefs are applied.
For the 2016-17 financial year the small business non-domestic multiplier will be 48.4 pence per pound. So for example a rateable value of £1,000 x 48.4 pence = a business rate of £484, before any other reliefs are applied.
More information about business rates is available in the business rates leaflet, available to download below -