Poole Business Rates
Business rates in Poole have surged by over 19% for the office sector alone since the latest revaluation took effect on 1st April 2023. Other commercial property types have also experienced significant rateable value (RV) increases. According to the Valuation Office Agency (VOA), which oversees these valuations, the 2023 rating list places the total value of commercial properties in England and Wales at £70 billion annually. This tax is expected to generate around £30 billion this year, climbing to £35 billion in the next financial year.
Are Poole Businesses Overpaying Their Rates?
Business owners in Poole are feeling the pressure of soaring business rates, which are already among the highest globally, as highlighted by the International Property Tax Institute (IPTI). The recent revaluation has intensified this burden, leaving many businesses struggling to keep up with the escalating costs.
Rising business rates are just one piece of the puzzle. In addition to these hikes, businesses in Poole are grappling with increasing rents, commercial mortgages, wages, and utility bills. With margins tightening, ensuring that your business rates are accurate is a crucial step toward finding potential savings.
There are thousands of businesses in the Poole catchment area
The overwhelming majority of which will have seen their RV increase exponentially since the revaluation. Business rates, such as in Poole, 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.”
Many are unaware that they can review or challenge their business rates
Poole business rates payers could be overpaying thousands each year as a result.
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.
