Colchester Business Rates
Businesses in Colchester are bearing the brunt of sharp rate increases, with the industrial sector alone facing hikes of more than 30% since the April 1st, 2023 revaluation. Other commercial property types have also seen significant rises in their rateable value (RV), piling even more financial strain on local businesses.
The Valuation Office Agency (VOA), which oversees these assessments, valued commercial properties across England and Wales at a massive £70 billion annually for the 2023 rating list. This equates to around £30 billion in revenue this year, with projections to exceed £35 billion in the next financial year.
As the International Property Tax Institute (IPTI) notes, UK business owners already faced one of the world’s highest property taxes under the previous system. This revaluation has only intensified the financial challenges for businesses in Colchester and beyond.
Costs Are Rising
For businesses in Colchester, the hike in business rates comes amidst rising expenses for utilities, rent, wages, and commercial mortgages. It’s a perfect storm of cost increases that leaves little room for error – but ensuring your business rates are accurate is one way to protect your bottom line.
Colchester businesses are not alone in facing these challenges. Across England and Wales, thousands of businesses are likely overpaying on their business rates. In fact, business rates in Colchester increased by 18% in 2022, compared to the prior year, and many businesses remain unaware they can review or challenge their RVs.
Anthony Hughes, Managing Director of RVA Surveyors, has found: “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Reviewing Your Business Rates
Your business shouldn’t have to suffer from the government’s stealth tax increases. RVA Surveyors has helped over 47,000 commercial properties reduce their liabilities and uncover potential savings.
Our team specialises in:
- Reviewing rateable values to identify overpayments.
- Assisting with tenancy agreements to ensure fairness.
A reduction in your business rates could provide an essential boost to your business:
- Savings to improve cash flow.
- Potential backdated refunds for previous overpayments.
- Reduced liabilities for years to come.
Don’t let the burden of inflated business rates hold your business back. Speak to our specialist team at RVA Surveyors to achieve potential savings and ensure your rates are fair.
Contact RVA Surveyors today. Discover how you can challenge your business rates and start saving. With no obligation to act, there’s nothing to lose – and valuable savings to gain.
