Business Rates for 2024-25
Business Rates
National Non-Domestic Rates or business rates, as they are more commonly known, are a tax on non-domestic properties.
How is your rates bill calculated?
Your gross annual rates bill is calculated by multiplying the rateable value of the property by the appropriate Government set multiplier. For 2024-25, the multiplier is 54.6 pence or 49.9 pence for businesses that qualify for Small Business Rate Relief. Your net rates bill may differ from the gross bill if you qualify for a relief, exemption, transitional relief, or your property is subject to the Business Rates Supplement (BRS).
For more information on the BRS visit the Crossrail Business Rate Supplement webpage.
Revaluation
There was a revaluation on 1 April 2023 which means the rateable values of all commercial properties in England and Wales will have been updated. The 2023 rateable value will be based on the amount of rent your property could have been let for on 1 April 2021. The next revaluation will take place on 1 April 2026.
Transitional Relief
Transitional relief limits how much your bill will go up as a result of the revaluation. This means if your business is eligible for transitional relief, the increases to the business rates bill will be phased in gradually.
The below table shows the percentage increases applied to phase in your bill over the next three years:
| Rateable Value | 2023 to 2024 | 2024 to 2025 | 2025 to 2026 |
|---|---|---|---|
| Up to £28,000 | 5% | 10% plus inflation | 25% plus inflation |
| £28,000 to £100,000 | 15% | 25% plus inflation | 40% plus inflation |
| Over £100,000 | 30% | 40% plus inflation | 55% plus inflation |
How can I appeal against the rateable value?
The Valuation Office Agency (VOA) values all business properties for business rates. The valuation is based on information the VOA holds about your property. You can view and update this information at gov.uk/voa/valuation.
You can contact the VOA at gov.uk/contact-voa. If you are unable to use the online service you can also contact the VOA on 03000 501 501.
Retail, Hospitality and Leisure Relief
The Chancellor in his Autumn Statement on 22 November 2023 announced that eligible businesses in the retail, hospitality and leisure sector, will qualify for the extended 75% relief off their business rate bills for 2024-25. This relief will be capped for 2024-25 so that the most any business can get is £110,000.
For further details, visit the Retail, Hospitality and Leisure Relief webpage.
Direct Debit
If you would like to pay by Direct Debit, please call the Rates Office on 020 7361 2828 or download the form from the Business Rates webpage.
Business rates advice
The Council can grant hardship relief to a ratepayer if paying all or part of the bill would cause hardship. Any ratepayer experiencing hardship can apply but relief is normally only granted in exceptional circumstances.
For details on how to apply please contact the Rates Office below or visit the business rates webpage.
Contact Information
Further information about rates can be found on the explanatory notes accompanying your bill, or by contacting the Rates Office:
- Email: [email protected]
- Telephone: 020 7361 2828
- Post: The Royal Borough of Kensington and Chelsea, PO Box 10413, London W8 7WT
- Visit by appointment only: The Town Hall, Hornton Street, London W8 7NX (Monday to Friday between 9am and 5pm)
Business information, news, and support
The Business and self-employed - GOV.UK (www.gov.uk) website provides impartial advice and support to help you sustain your business. At a local level, the Portobello Business Centre offers free advice and confidential guidance from qualified experts, for further details please visit Portobello Business Centre.
For updates on Council-backed initiatives that support local businesses please visit the Business and Enterprise webpages.
Business Matters newsletter
Subscribe to the Council’s fortnightly Business Matters newsletter to get the latest business news and updates in the borough straight to your inbox.
Supporting growth
- All businesses in the borough can be listed on the 'It's Local' Business Directory which connects businesses with local customers free of charge. Register your business for free at www.itslocalrbkc.co.uk.
- If your business is in the construction sector, consider participating with our supply chain programme www.rbkcsupplychain.co.uk to get access to opportunities from development sites in the borough.