Bolton Council Business Rates
Since 1st April 2023, council business rates in Bolton have risen significantly, with the industrial sector alone facing increases of over 18%. Many other commercial property categories have also seen substantial hikes in rateable value (RV).
The Valuation Office Agency (VOA), which determines RVs, has valued all commercial properties in England and Wales at a staggering £70 billion annually for the 2023 rating list. This translates into an expected tax revenue of £30 billion this year, potentially rising to £35 billion in the next financial year.
Financial Pressures on Bolton Business Owners
The International Property Tax Institute (IPTI) has highlighted that UK businesses already pay one the world’s highest property taxes before this revaluation. The new adjustments have compounded the financial strain, leaving many Bolton businesses struggling to cope with the increasing financial burden.
In addition to elevated business rates, Bolton businesses are grappling with rising costs, including rent, commercial mortgages, wages, and utilities. Finding savings has become increasingly difficult, making it essential to ensure that business rates are accurate and fair.
Bolton’s thriving business community has not been spared from steep increases. With council business rates rising by an average of 18% in 2022 compared to the prior year, the financial impact is evident.
Anthony Hughes, Managing Director of RVA Surveyors, explains: “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Many Bolton businesses are unaware of their right to review or challenge their RVs. This lack of action could lead to significant overpayments, costing local business owners thousands each year.
Are You Overpaying Your Council Business Rates?
RVA Surveyors has worked with over 47,000 properties across the UK, helping businesses uncover savings and reduce liabilities. Whether you’re interested in checking for potential overpayments or require assistance with tenancy agreements, our team is here to help.
A reduction in your council business rates could provide an essential financial boost. Potential savings, including backdated reductions, could be the key to long-term financial health for your business.
Contact RVA Surveyors today to see how you can ensure fair and accurate rates for your business.
