Exeter Business Rates
Council business rates in Exeter have surged significantly, with the industrial sector alone experiencing increases of over 26% following the revaluation that took effect on 1st April 2023. Numerous other commercial property types across the city have also seen sharp increases in their rateable value (RV).
The Valuation Office Agency (VOA), responsible for setting rateable values, has assessed all commercial properties in England and Wales at £70 billion per year under the 2023 rating list. This revaluation means the tax is expected to generate £30 billion in revenue this year, rising towards £35 billion in the next financial year.
According to the International Property Tax Institute (IPTI), business owners in the UK already paid some of the highest commercial property taxes globally under the previous rating list. Now, with rateable values increasing further, businesses in Exeter are feeling the financial impact of what many regard as an upwards-only, inflexible tax system.
Pressure on Exeter Businesses
The increase in council business rates comes at a time when businesses are already burdened by rising expenses, such as higher commercial rents and mortgage repayments, increased staff wages, growing utility and energy costs. In today’s challenging economic climate, finding areas to save money can seem impossible. However, ensuring your business rates are accurate could provide a significant financial relief for your business.
Exeter is home to thousands of businesses, the vast majority of which have seen their rateable value rise sharply. In 2022 alone, council business rates increased by an average of 18% compared to the previous year, compounding financial pressures for commercial property owners and tenants.
Anthony Hughes, Managing Director at RVA Surveyors, highlights the scale of the issue:
“We estimate that up to 50% of commercial properties in England and Wales could be overpaying on their business rates.”
Are You Overpaying on Your Exeter Business Rates?
Despite the significant rises, many businesses are unaware that they can review or challenge their rateable values. If you are a business in Exeter, you could be overpaying thousands of pounds every year without realising it.
At RVA Surveyors, we’ve successfully supported over 47,000 commercial properties, helping businesses like yours to review rateable values to ensure fairness, challenge inaccurate assessments and reduce liability and secure savings that can ease cash flow pressures
A reduction in your business rates liability could deliver a cash boost for your business. Immediate savings, as well as the potential for backdated refunds, can provide significant long-term benefits and financial stability.
Act Today to Secure Your Savings
Don’t let rising council business rates continue to impact your business. Act now and take the first step towards reducing your liability.
Speak to one of our experienced saving specialists today and find out how RVA Surveyors can help you reduce your business rates and secure the savings your business deserves.
