Rossendale Business Rates
Business rates in Rossendale have risen sharply, with the office sector alone facing increases of over 19% since the revaluation on April 1st, 2023. Furthermore, other commercial property types have also experienced significant rateable value (RV) increases, thereby adding to the financial strain on local businesses.
The Valuation Office Agency (VOA) set these values, estimating a combined annual total of £70 billion for all commercial properties in England and Wales in the 2023 rating list. As a result, this substantial valuation translates to a projected revenue of £30 billion this year, which is expected to grow further to £35 billion in the next financial year.
High Property Taxes on Rossendale Businesses
According to the International Property Tax Institute (IPTI), UK businesses already paid some of the highest property taxes globally under the previous rating list. With the recent revaluation, however, this burden has only increased. Consequently, business rate payers in Rossendale are feeling the growing pressure of this rising tax.
In addition to business rates, commercial property owners and tenants in Rossendale are also contending with rising rents, utility costs, mortgage payments, and wages. Given this challenging financial climate, taking proactive steps to review your business rates for fairness and accuracy can help uncover savings that may provide much-needed financial relief.
Thousands of Rossendale Businesses Affected
The Rossendale area is home to thousands of businesses, and importantly, the vast majority of them have experienced significant RV increases following the revaluation. For context, in 2022, business rates in Rossendale rose by an average of 18% compared to the previous year. This, in turn, has added to the financial burden faced by local enterprises.
Anthony Hughes, Managing Director of RVA Surveyors, observed, “We estimate that up to 50% of commercial properties in England and Wales could be overpaying on their business rates.” This highlights a widespread issue that affects many businesses across the region.
Many Rossendale businesses may not yet realise that they have the option to review or challenge their business rates. Consequently, thousands of pounds could be unnecessarily overpaid each year—money that could otherwise be reinvested into growing the business.
Don’t Overpay on Your Business Rates
At RVA Surveyors, we specialise in helping businesses uncover potential savings. For example, by partnering with over 47,000 commercial properties, we’ve supported countless clients in reducing liabilities, securing backdated refunds, and clarifying tenancy agreements.
Reducing your business rates could provide a vital cash injection for your business. Furthermore, the potential for backdated savings offers a significant opportunity to reclaim overpaid taxes—something that could prove pivotal for both future planning and growth.
Contact one of our savings specialists today to explore your options and take control of your business finances.
