Denbighshire Business Rates
Businesses in Denbighshire/Sir Ddinbych are feeling the weight of steep increases in business rates, with the office sector alone experiencing hikes of over 7% since the April 1st, 2023 revaluation. Other commercial property types have also seen significant jumps in rateable value (RV), putting additional strain on local business owners.
The Valuation Office Agency (VOA), which determines rateable values, has assessed commercial properties across England and Wales at £70 billion annually for the 2023 rating list. This translates to £30 billion in revenue this year, with projections climbing to £35 billion for the next financial year. Businesses already shouldering what the International Property Tax Institute (IPTI) calls the world’s highest property tax burden are now facing even greater challenges.
Rising Costs
Beyond increased business rates, businesses in Denbighshire/Sir Ddinbych are grappling with higher costs for rent, utilities, wages, and commercial loans. The current economic climate makes finding areas to save more critical than ever. Ensuring that your business rates are fair and accurate is a practical step every commercial property owner or tenant should consider.
Denbighshire/Sir Ddinbych is home to thousands of businesses, and the majority have seen their RVs increase significantly. In 2022 alone, business rates across the area rose by an average of 18% compared to the previous year. Yet, many business owners are unaware they have the right to review or challenge their RVs, potentially leaving substantial savings on the table.
Anthony Hughes, Managing Director of RVA Surveyors, notes:
“Our findings indicate that as many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.”
For many local businesses, this could amount to thousands of pounds in overpayments each year.
Your Business Could Be Overpaying
There’s no reason your business should suffer due to inflated tax liabilities. RVA Surveyors has worked with over 47,000 commercial properties nationwide, helping businesses uncover overpayments and secure reductions. Whether you are simply looking to investigate whether a reduction is possible or need expert guidance with tenancy agreements, our team of specialists is here to assist.
A reduction in your business rates could provide immediate financial relief while also offering long-term benefits. These might include a potential cash boost from backdated refunds and ongoing annual savings, giving your business greater financial stability.
Don’t let overpayments drain your resources. Contact RVA Surveyors today to explore your options. With no obligation and everything to gain, you could unlock savings worth thousands of pounds. Take the first step towards securing a fairer business rates liability – reach out to our experts now.
