Arun Business Rates
Business rates in Arun have seen significant increases since the 1st of April 2023 revaluation. For example, the office sector alone has experienced hikes of over 10%, with many other commercial property types also facing steep rises in their rateable value (RV). The Valuation Office Agency (VOA), responsible for setting these values, has assessed all commercial properties in England and Wales at £70 billion annually for the 2023 rating list. This means the government is expected to collect around £30 billion in revenue this year, rising to £35 billion next year.
The impact on Arun businesses
According to the International Property Tax Institute (IPTI), UK business owners already paid the highest property taxes globally under the previous rating list. Now, with the VOA’s latest increases, many are feeling the strain of this seemingly relentless tax.
These rises come on top of other growing costs, such as rent, commercial mortgages, wages, and utilities. In today’s challenging climate, finding savings is tough. However, ensuring your business rates are fair and accurate is one area where you can take control.
There are thousands of businesses in the Arun area
The overwhelming majority of which will have seen their RV increase exponentially since the revaluation. Business rates, such as in Arun, rose by an average of 18% in 2022 alone, when compared to the previous year.
“Based on our findings,” Anthony Hughes, Managing Director, of RVA Surveyors said, “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Review or challenge your business rates
Your business should not have to suffer for the governments stealth increase. At RVA Surveyors, we have engaged with over 47,000 properties to date. Whether you simply want to investigate if a reduction in your liability is possible, or need support with your tenancy agreements, we have experts on hand to help.
A reduction in your business rates could be an invaluable cash boost. The long-term benefits of receiving a reduction – or even potential backdated savings – could be vital.
Act now and speak to one of our saving specialists today.
