Fareham Business Rates
Business rates in Fareham have seen significant hikes, with the office sector alone experiencing increases of over 24% since the 1st April 2023 revaluation. Many other commercial property types in Fareham have also seen steep rises in their rateable value (RV).
The Valuation Office Agency (VOA), responsible for setting rateable values, valued all commercial properties across England and Wales at a staggering £70 billion per year for the 2023 rating list. This valuation means the tax will generate approximately £30 billion this year, rising towards £35 billion in the next financial year.
The International Property Tax Institute (IPTI) previously reported that UK businesses already paid one of the highest commercial property taxes in the world. With the VOA’s latest revaluation, Fareham businesses are now experiencing even greater financial strain from this upwards-only tax.
Businesses in Fareham
Business rates increases come at a time when businesses are already grappling with rising costs, including higher rents and commercial mortgage repayments, soaring energy bills and utility costs and increasing wages and operating expenses.
For businesses in Fareham, finding areas to cut costs can be challenging. However, reviewing and challenging your business rates liability can unlock significant savings and provide vital financial relief.
Fareham’s commercial landscape is home to thousands of businesses, the majority of which have seen their rateable value (RV) rise substantially. In 2022 alone, business rates across the region increased by an average of 18% compared to the previous year.
Anthony Hughes, Managing Director at RVA Surveyors, noted:
“Our research suggests that up to 50% of commercial properties in England and Wales could be overpaying their business rates.”
Could Your Business in Fareham Be Overpaying on Business Rates?
Many businesses in Fareham remain unaware that they can review or challenge their rateable value. As a result, countless businesses could be overpaying thousands of pounds each year unnecessarily.
At RVA Surveyors, we specialise in helping commercial property owners and tenants review their rateable value for accuracy, challenge unfair assessments to reduce liabilities and unlock savings and backdated refunds where applicable
Achieve Business Rates Savings Today
Reducing your business rates could provide an essential cash boost for your business, improving cash flow and freeing up funds for reinvestment. Backdated refunds can also offer significant long-term financial benefits.
Don’t let the recent revaluation strain your business finances. Our team of business rates experts is ready to help you investigate potential savings and ensure your liability is fair and accurate.
Contact us today and discover how RVA Surveyors can help you reduce your business rates and secure the savings your business deserves.
