Gosport Business Rates
Business rates in Gosport have seen sharp increases, with the office sector alone rising by over 24% since the 1st April 2023 revaluation. Many other commercial property types have also experienced significant hikes in rateable value (RV).
The Valuation Office Agency (VOA), responsible for setting rateable values, assessed all commercial properties in England and Wales at £70 billion per year for the 2023 rating list. This staggering valuation means the tax will generate £30 billion in revenue this year, increasing to £35 billion next year.
The International Property Tax Institute (IPTI) has reported that UK businesses already pay one of the highest property taxes in the world. Now, with the VOA’s latest revaluation, businesses in Gosport face even greater financial strain.
Pressure on Gosport Businesses
The rise in business rates comes alongside mounting costs, such as higher rents and commercial mortgage repayments, increasing energy bills and utilities, rising wages and operating expenses
Gosport is home to thousands of businesses, most of which have seen their rateable values increase significantly since the revaluation. In 2022 alone, business rates in areas like Gosport rose by an average of 18% compared to the previous year.
Anthony Hughes, Managing Director of RVA Surveyors, said:
“We estimate that up to 50% of all commercial properties in England and Wales could be overpaying on their business rates.”
Could Your Gosport Business Be Overpaying?
Many businesses in Gosport don’t realise they can review or challenge their business rates. As a result, thousands may be overpaying thousands of pounds each year unnecessarily.
At RVA Surveyors, we specialise in helping commercial property owners and tenants review rateable values for accuracy, challenge unfair assessments to reduce liabilities, secure savings and potential backdated refunds
Reducing your business rates could offer a much-needed cash boost for your company. This can improve cash flow and free up funds for reinvestment. Backdated refunds also provide significant long-term benefits.
Don’t let rising business rates drain your finances. Our team of expert surveyors can help you identify potential savings, challenge unfair assessments and ensure your business pay what you’re supposed to.
Contact us today to find out how RVA Surveyors can help reduce your business rates liability and secure the savings your business deserves.
