Castle Point Business Rates
Business rates in Castle Point have seen significant increases, with the office sector alone experiencing hikes of over 14% since the revaluation came into effect on 1st April 2023. Other commercial property types have also been hit by substantial increases in rateable value (RV). The Valuation Office Agency (VOA), the body responsible for setting these values, estimated the total rateable value of all commercial properties in England and Wales at £70 billion for the 2023 rating list, which will generate around £30 billion in revenue for the current financial year.
The VOA sets the rateable values for all commercial properties. This tax, which continues to rise year on year, is now higher than ever. According to the International Property Tax Institute (IPTI), UK business owners already pay the highest property taxes globally. The latest increases have only intensified the burden, with many businesses in Castle Point feeling the weight of these increases.
Rising Costs for Businesses
These increases in business rates come on top of other rising costs such as rent, commercial mortgages, wages, and utilities. With so many areas seeing price hikes, business owners in Castle Point face challenges in finding ways to save. Ensuring that your business rates are accurate and fair is one area where businesses can still make a difference.
Many businesses in Castle Point have likely seen their rateable value jump significantly since the revaluation. In fact, business rates in areas like Castle Point rose by an average of 18% in 2022 compared to the previous year.
As Anthony Hughes, Managing Director of RVA Surveyors, points out: “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
The good news is that many business owners are unaware that they can review or challenge their business rates. This oversight could mean businesses in Castle Point are overpaying thousands of pounds every year.
Review and Challenge Your Business Rates
At RVA Surveyors, we have already helped over 47,000 properties across the UK. Whether you’re looking to:
- Investigate potential reductions in your business rates
- Challenge inaccuracies in your rateable value
- Seek advice on tenancy agreements or property tax matters
Our experts are here to assist.
Securing a reduction in your business rates can provide a much-needed cash boost for your business. The long-term savings – and potential backdated savings – could make a significant impact, offering relief in these challenging economic times.
Don’t wait for the next revaluation. Act now and get in touch with RVA Surveyors to find out if your business rates can be reduced.
