Elmbridge Business Rates
Business rates in Elmbridge have seen significant increases, with the industrial sector alone experiencing rises of over 29% since the revaluation came into effect on 1st April 2023. Many other commercial property types have also faced substantial hikes in rateable value (RV).
The Valuation Office Agency (VOA), responsible for setting rateable values during each revaluation, has valued all commercial properties in England and Wales at £70 billion annually for the 2023 rating list. As a result, this tax is projected to generate £30 billion in revenue this year, with estimates rising to £35 billion for the next financial year.
According to the International Property Tax Institute (IPTI), businesses in England and Wales already face some of the highest commercial property taxes in the world. Now, with the VOA’s latest revaluation, business rate payers in Elmbridge are struggling with yet another upward-only tax increase that adds to mounting financial pressures.
The Impact of Rising Business Rates in Elmbridge
These business rates increases come alongside other rising expenses, such as rent and commercial mortgages, wages, utilities and operational costs. In today’s challenging economic climate, it is increasingly difficult for businesses to identify savings. However, one area that commercial property owners and tenants must focus on is ensuring that their business rates are fair and accurate.
There are thousands of businesses across the Elmbridge area, the majority of which have seen their rateable values increase significantly since the latest revaluation. In 2022 alone, average business rates in Elmbridge rose by 18% compared to the previous year.
“Based on our findings,” says Anthony Hughes, Managing Director of RVA Surveyors, “we estimate that 50% of commercial properties in England and Wales could be overpaying on their business rates.”
Are You Overpaying on Your Business Rates in Elmbridge?
Many businesses remain unaware that they can review or challenge their business rates. If you are a commercial property owner or tenant in Elmbridge, you could be overpaying thousands each year without realising it.
Your business shouldn’t have to absorb these increases without recourse. At RVA Surveyors, we have worked with over 47,000 properties to date, helping businesses like yours investigate whether a reduction in business rates is achievable and support with tenancy agreements and rates liabilities
Why Reducing Your Business Rates Matters
A reduction in your business rates could provide a much-needed cash flow boost for your company. Whether through immediate savings or potential backdated refunds, the benefits of reviewing and reducing your rates can be substantial.
Don’t let the government’s increases impact your bottom line. Act now and speak to one of RVA Surveyors’ business rates specialists today. Our team is here to help you identify savings and ensure your tax liability is fair.
