From 1 April 2024, the small business multiplier will by default apply to all hereditaments with a rateable value below the multiplier threshold (currently £51,000). This includes properties occupied by charities and unoccupied properties, which previously did not qualify for the small business multiplier.

Further details on the multipliers and how your bill is calculated can be found on the Business rates overview page.

If the rateable value of your property increases significantly as a result of the revaluation, transitional relief limits how much your bill will increase each year to gradually phase in the changes to your bill.

For 2024, the scheme will restrict increases in bills to 10% for businesses with small properties (up to and including £20,000 rateable value); 25% for medium properties (up to and including £100,000 rateable value); and 40% for large properties (over £100,000 rateable value).

Retail relief was extended by the Government for the 2024/25 financial year at 75%, subject to subsidy and a cash cap limit of £110,000 per business.

Some businesses will find that their relief has not automatically been awarded for the new financial year as we will be requesting an application form is completed to verify the business will not exceed the cash cap. Further details on the relief and a link to the application form can be found on the reliefs and exemptions page.

The Supporting Small Business scheme will cap bill increases at £600 per year for any business losing eligibility for some or all Small Business Rate Relief or Rural Rate Relief at the 2023 revaluation.

If you’re eligible, your bills will go up by no more than £600 for the 2024 to 2025 tax year.

Improvement Relief will support businesses wishing to invest in their property. It will ensure that no ratepayer will face higher Business Rates bills for 12 months, as a result of qualifying improvements to a property they occupy.

If, you have made qualifying improvements to your property, the Valuation Office will issue a certificate equal to the increase in the rateable value. Where, the same ratepayer has been in occupation of the property since the works started their bill will not increase for the first 12 months after the works were completed.

The way in which Milton Keynes receives payment of business rates for schools changed from 1 April 2022.

The Education and Skills Funding Agency (ESFA), will pay business rates directly to billing authorities on behalf of local authority maintained schools and academies. This change includes 16 to 19 academies that are not further education institutions.

Schools that fall into the above definition will continue to receive a bill for information only and for local accounting purposes but no payment is necessary.