South Gloucestershire Business Rates
Business rates in South Gloucestershire have risen dramatically since the revaluation on April 1st, 2023. The industrial sector, in particular, has faced increases exceeding 32%, while many other types of commercial properties have also experienced significant rateable value (RV) increases.
The Valuation Office Agency (VOA), which determines these values, has assessed all commercial properties in England and Wales for the 2023 rating list at a combined value of £70 billion per year. This is projected to generate £30 billion in tax revenue this year, increasing to £35 billion in the next financial year.
The Rising Costs for Businesses
According to the International Property Tax Institute (IPTI), the UK already held the title for the world’s most expensive property taxes during the previous rating list. With this revaluation, the VOA has increased the burden further, leaving business rates payers in South Gloucestershire and beyond feeling the weight of this seemingly ever-rising tax.
These rate increases come amid other rising business expenses, including rent, wages, utilities, and commercial mortgages. At a time when cutting costs is a challenge, ensuring your business rates are accurate and fair is one way to potentially save money.
There are thousands of businesses in the South Gloucestershire area
The overwhelming majority of which will have seen their RV increase exponentially since the revaluation. Business rates, such as in South Gloucestershire, 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.”
South Gloucestershire businesses could be overpaying thousands each year as a result.
Review Your Business Rates
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.
