Richmond Business Rates
Since the revaluation came into effect on April 1st, 2023, business rates in Richmond have surged, with the office sector alone experiencing increases of over 19%. This pattern is not uncommon, many other commercial property types have also faced sharp rises in their rateable values (RV).
The Valuation Office Agency (VOA), responsible for setting rateable values, evaluated all commercial properties in England and Wales at a staggering £70 billion annually for the 2023 rating list. This figure translates to an estimated £30 billion in annual revenue from business rates, with expectations of reaching £35 billion in the next financial year.
Increasing UK Property Taxes
Data from the International Property Tax Institute (IPTI) reveals that UK businesses already contend with some of the world’s most expensive property taxes. The latest VOA adjustments have only amplified this burden, leaving business rate payers across Richmond feeling the strain of what can seem like an ever-increasing and inflexible tax.
The steep rise in business rates is only one of the challenges facing commercial property owners and tenants. Additional costs such as higher rents, mortgage payments, wage inflation, and utility bills. Ensuring that your business rates are fair and accurately assessed is one actionable way to uncover potential savings.
Thousands of Richmond Businesses Affected
Richmond’s vibrant commercial scene includes thousands of businesses, the majority of which have seen their RVs skyrocket since the revaluation. Across the region, business rates climbed by an average of 18% in 2022 alone when compared to the previous year.
Anthony Hughes, Managing Director of RVA Surveyors, shared, “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.”
A surprising number of businesses remain unaware of their right to review or challenge their business rates. For many Richmond businesses, this oversight could result in thousands of pounds in unnecessary overpayments each year.
Review Your Business Rates
At RVA Surveyors, we’ve partnered with over 47,000 commercial properties to help property owners and tenants uncover savings. Whether you’re looking to challenge your current rateable value, recover potential overpayments, or better understand your tenancy agreements, our team of experts is here to assist.
Securing a reduction in your business rates could provide an essential financial lifeline for your business. Beyond immediate relief, the potential for backdated refunds offers a valuable opportunity to reclaim funds that could fuel your business’s growth.
Contact one of our savings specialists today to explore your options and take the first step toward securing your business’s future.
