Business rates in Bassetlaw have seen notable increases since the revaluation that took effect on April 1, 2023. Specifically, the industrial sector has experienced an increase of more than 21% in its rateable values (RV). Other commercial property types in the area have also faced significant rises. The Valuation Office Agency (VOA), which is responsible for setting these valuations, has estimated the total RV for all commercial properties across England and Wales at £70 billion in 2023, contributing to an expected £30 billion in revenue this year. This figure is projected to rise to £35 billion by next year.
For businesses in Bassetlaw, the increase in business rates, compounded by other rising costs such as rent, utilities, and wages, adds an additional strain on already stretched budgets. Many businesses are unaware that they may be overpaying on their business rates, which can be reviewed and potentially reduced.
The International Property Tax Institute (IPTI) has highlighted that the UK already has some of the highest business property taxes globally, and the recent revaluation only exacerbates the burden. Business owners in Bassetlaw, much like others across the country, are now facing even higher costs due to these increases. With the continued challenges posed by inflation and rising operational expenses, businesses are feeling the pressure more than ever. However, reviewing business rates to ensure accuracy could offer relief.
How RVA Can Support Your Business
Many business owners in Bassetlaw may not realise they can challenge the valuations set by the VOA. In fact, it’s estimated that as many as 50% of commercial properties across England and Wales are likely overpaying their business rates. RVA Surveyors has worked with over 47,000 businesses to review and challenge their business rates, often securing significant reductions. Our team offers professional guidance to businesses in Bassetlaw seeking to reduce their liability.
By reviewing your business rates, RVA Surveyors can assess whether your valuation is accurate. If an overpayment is found, we can help you pursue a reduction in your current business rates, potentially freeing up funds that can be reinvested into your business. Additionally, there may be opportunities to reclaim overpaid rates from previous years, providing a valuable cash boost.
Businesses Can Save Thousands
If you’re a business owner in Bassetlaw, now is the time to take action. Don’t let high business rates eat into your profits. RVA Surveyors specialises in reviewing and challenging business rates, helping you ensure that you’re not overpaying.
Get in touch today for a free consultation to see if you could benefit from a business rates reduction.
