Business rates in Blackburn with Darwen
The April 2023 revaluation of business rates has left businesses in Blackburn with Darwen facing substantial challenges. For industrial properties, rateable values (RVs) have surged by over 20%, with other commercial property sectors also experiencing notable increases. These adjustments, implemented by the Valuation Office Agency (VOA), are part of a broader national revaluation that places the total annual rateable value of properties across England and Wales at £70 billion. This significant valuation underpins a tax revenue target of £30 billion this year, projected to grow to £35 billion in the next financial year.
Increasing Financial Pressures
Local businesses in Blackburn with Darwen are no strangers to financial strain, but the latest hike in business rates adds a heavy burden. According to the International Property Tax Institute (IPTI), the UK already holds the title for having the highest commercial property taxes globally. This recent increase compounds the financial challenges already faced by businesses due to rising rents, utility costs, wages, and mortgage payments.
The sharp rise in RVs has hit thousands of businesses in the area, with business rates increasing by an average of 18% in 2022 compared to the prior year. This escalation underscores the importance of ensuring rateable values are accurate and fair to avoid unnecessary financial strain.
The Overpayment Problem
A large proportion of businesses may be overpaying their rates without realising it. Anthony Hughes, Managing Director of RVA Surveyors, estimates that half of all commercial properties in England and Wales might be subject to overcharges. Businesses in Blackburn with Darwen are no exception, with potential savings being left on the table simply due to lack of awareness or action.
By reviewing and challenging inaccurate rateable values, businesses can claim backdated savings. RVA Surveyors have already worked with over 47,000 properties nationwide, helping owners and tenants secure reductions and even backdated rebates in some cases.
Savings for Your Business
By acting now, companies in Blackburn with Darwen can potentially reduce their liabilities and reinvest those savings into their operations. RVA Surveyors are here to help. Take control of your business’s financial future.
Reach out to our specialists to discuss how we can help you!
