Business rates in Bath and North East Somerset
Business rates in the Bath and North East Somerset have seen increases of over 47% for the industrial sector alone, since the revaluation came into effect on the 1st of April 2023. Many other commercial property types also saw large increases in rateable value (RV). The Valuation Office Agency (VOA) is the body that sets the rateable values for each revaluation. For the 2023 rating list, they valued all commercial properties in England and Wales at £70 billion per year. Roughly, this means that this tax will bring in around £30 billion in revenue this year alone and rise towards £35 billion in the next financial year.
According to the International Property Tax Institute (IPTI), business owners already paid the most expensive property taxes in the world in the previous rating list. Now, the VOA have raised the bar even higher, and business rates payers are feeling the pain of this seemingly upwards only, autocratic tax.
Increase costs for businesses are piling up
This is on top of other increases such as rent, commercial mortgages, wages, and utilities. The current climate makes it hard to find savings but ensuring that your tax is fair and accurate is one area that every commercial property owner or tenant should be look at.
How RVA Surveyors Can Help
Many business owners in Bath and North-East Somerset may not realise that they have the opportunity to challenge their business rates. Studies indicate that 50% of commercial properties in England and Wales could be overpaying on their business rates. RVA Surveyors specialises in reviewing and challenging business rates to ensure that businesses are not paying more than necessary. With over 47,000 properties engaged so far, RVA Surveyors have a proven a track record of securing reductions for businesses, totalling thousands of pounds.
Our team at RVA offers a detailed assessment of your business rates, identifying any discrepancies in your valuation. If overpayment is found, RVA Surveyors can help pursue a reduction in your rates and may even secure backdated savings. These potential savings could offer an invaluable boost to your cash flow, helping you offset the rising costs of other business expenses.
Why Review Your Business Rates?
Helping you to reduce your liabilities and challenge any excessive charges. With the government’s stealth increase in business rates, businesses should not have to bear the brunt of higher costs without exploring all available options for savings.
Don’t let the significant increases in business rates drain your resources. The experts at RVA Surveyors are here to guide you through reviewing your business rates. Speak to one of our specialists to see how we can help your business. Ensure that your business rates are fair, accurate, and in line with your property’s value.
