Business rates
Non-Domestic Rates (known informally as Business Rates) are a national tax, collected locally by councils. It is charged to the owner or occupier of business properties.
A portion of what we collect is paid to the government and Suffolk County Council. We retain some of the income, as well as a portion of any business rates growth.
Business rates income - together with Council Tax income - is spent on the provision of local services.
The government have published introductory guidance on business rates on their website.
Business Rates Multipliers
Each year, the government set two multipliers:
- the Standard Multiplier for businesses
- the Small Business Multiplier for small businesses
Business rates for a property are then calculated by multiplying its rateable value by the relevant multiplier.
The 2023/24 multipliers are:
| Standard Multiplier | Small Business Multiplier | |
|---|---|---|
| 2023/24 | 51.2p | 49.9p |
We also publish business rates multipliers from previous years.