Broxtowe Borough Business Rates
Businesses across Broxtowe Borough are facing a significant challenge with council business rates. Following the April 1, 2023, revaluation, the industrial sector alone has seen rateable values (RV) surge by over 22%. Other commercial property types are also experiencing steep increases. These adjustments, carried out by the Valuation Office Agency (VOA), contribute to an estimated annual tax revenue of £30 billion in 2023, potentially rising to £35 billion next year.
For business owners in Broxtowe, this means navigating one of the highest property tax systems globally, as noted by the International Property Tax Institute (IPTI). With costs continuing to climb, many businesses are feeling the pressure of what can seem like an unrelenting financial burden.
Broxtowe Businesses Facing Rising Costs
In addition to increased business rates, companies are contending with higher expenses across the board—rent, wages, commercial mortgages, and utilities are all rising. One often-overlooked area is the accuracy of their business rates, which can provide an opportunity to mitigate costs.
Thousands of businesses within the Broxtowe Borough area have already seen their RVs rise significantly due to revaluation. In 2022, council business rates across the region increased by an average of 18% compared to the previous year, amplifying financial challenges for local enterprises.
Are You Overpaying on Your Business Rates?
Anthony Hughes, Managing Director of RVA Surveyors, points out that as many as 50% of all commercial properties in England and Wales might be overpaying on their business rates. For businesses in Broxtowe Borough, this represents a substantial potential for savings that remains untapped due to a lack of awareness.
How RVA Surveyors Can Help
Your business shouldn’t have to shoulder more than its fair share of these costs. RVA Surveyors has already partnered with over 47,000 properties across the UK, helping business owners and tenants uncover inaccuracies, secure reductions, and achieve valuable savings. Whether you’re looking to lower your liability or review tenancy agreements, our team is here to help you.
These financial benefits could make a significant difference for your company. Connect with one of our saving specialists today to explore your options.
