Ashfield Business Rates
Business rates in Ashfield have surged by over 19% for the industrial sector following the 1st April 2023 revaluation. Many other commercial property types have also experienced significant increases in rateable value (RV).
The Valuation Office Agency (VOA), responsible for setting these values, determined that the total annual value of commercial properties in England and Wales stands at £70 billion for the 2023 rating list. This is expected to generate £30 billion in revenue this year and potentially increase to £35 billion in the next financial year.
UK Businesses Face Highest Property Taxes
The International Property Tax Institute (IPTI) reports that UK business owners already dealt with the most expensive property taxes globally under the previous rating list. With the recent revaluation, the financial strain has become even more acute, leaving businesses in Ashfield grappling with rising costs.
In addition to higher business rates, Ashfield businesses are contending with rising rent, commercial mortgages, wages, and utility costs. Ensuring that your business rates are accurate and fair is one of the few opportunities to identify potential savings in the current economic climate.
Rateable Value Increases Impacts Thousands Ashfield Businesses
Ashfield is home to thousands of businesses, the majority of which have seen their RVs increase dramatically since the 2023 revaluation. Business rates in Ashfield rose by an average of 18% in 2022 alone compared to the previous year, further burdening local businesses.
Anthony Hughes, Managing Director of RVA Surveyors, stated: “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Many business owners in Ashfield are unaware they can review or challenge their rateable values. This lack of awareness could result in thousands of pounds being overpaid annually.
Are You Overpaying on Your Ashfield Business Rates?
RVA Surveyors has worked with over 47,000 properties to date, helping businesses uncover potential savings and reduce liabilities. Whether you’re investigating if you’re overpaying or need guidance with tenancy agreements, our team of experts is ready to assist.
Securing a reduction in business rates could provide a vital financial boost. This includes potential backdated savings, which can have a long-lasting positive impact on your business’s finances.
Act now to ensure your rates are fair and accurate. Contact RVA Surveyors today!
