Rising Business Rates
Business owners in Barking and Dagenham are facing unprecedented challenges as business rates for the industrial sector have surged by over 31% following the April 2023 revaluation. This dramatic shift underscores the increasing financial strain on commercial property owners across various sectors. Managed by the Valuation Office Agency (VOA), these revaluations have valued England and Wales’s commercial properties at an estimated £70 billion annually, contributing significantly to public revenue.
Pressures in the Current Climate
The recent hike in costs including business rates making it essential for businesses to scrutinise their tax liabilities. With Barking and Dagenham’s thriving industrial sector seeing one of the steepest increases, it’s critical for local businesses to ensure their rateable value (RV) reflects their property’s true worth.
Many businesses may unknowingly overpay, with estimates suggesting up to 50% of commercial properties could benefit from a review of their rates.
Barking and Dagenham’s Commercial Landscape
The borough is a hub for industrial and commercial activity, housing thousands of businesses across diverse industries. However, many of these properties are now shouldering inflated rateable values. RVA Surveyors has identified numerous cases of overpayment and helped local businesses secure reductions.
Why Your Business Rates Matters
Many businesses remain unaware they can challenge or appeal their business rates. Yet, a successful review could result in immediate and long-term financial relief.
Potential benefits include:
- Reduced liabilities.
- Backdated refunds.
- A fairer reflection of property value.
- If your business operates in retail, warehousing, manufacturing, or office space, ensuring your business rates are accurate is critical for maintaining competitiveness.
Act Today
RVA Surveyors has reviewed over 47,000 properties nationwide, empowering businesses with fair taxation and improved cash flow. The process is simple, transparent, and focused on delivering results.
- Start with a Free Assessment: Contact RVA Surveyors for a free consultation.
- Achieve Savings: Our surveyors will identify opportunities for reductions or refunds.
- Reinvest in Growth: Use the savings to focus on your business priorities.
- Learn more about business rates.
Get in touch with us to help your Barking and Dagenham business!
