Brent Council Business Rates
Brent’s council business rates have surged significantly, with the industrial sector alone experiencing increases of over 17% since the revaluation came into effect on 1st April 2023. Other commercial property types have not been spared, with many also witnessing substantial rises in rateable values (RVs).
The Valuation Office Agency (VOA), responsible for setting these RVs, valued England and Wales’ commercial properties at £70 billion annually for the 2023 rating list. This figure is expected to generate £30 billion in tax revenue this year, climbing towards £35 billion in the next financial year.
Pressure for Brent Businesses
The International Property Tax Institute (IPTI) reports that UK businesses have historically paid the highest property taxes globally. This upward trend continues, with Brent businesses feeling the strain of this autocratic and upward-only tax system.
The increased council business rates come at a time when Brent businesses are grappling with rising costs for rent, mortgages, utilities, and wages. With such financial pressures, ensuring accurate and fair business rates has become a priority for property owners and tenants alike.
The Impact on Brent Commercial Properties
The Brent catchment area is home to thousands of businesses, many of which have seen their RVs skyrocket due to the revaluation. Council business rates in Brent rose by an average of 18% in 2022 compared to the previous year, making it one of the most affected areas.
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 Brent are unaware that they can review or challenge their RVs. This lack of awareness leads to overpayment, potentially costing businesses thousands of pounds every year.
Achieve Potential Savings with Reduced Business Rates
RVA Surveyors has worked with over 47,000 properties across the UK, helping businesses challenge RVs and secure reductions. Whether you’re looking to investigate your liability or require assistance with tenancy agreements, RVA’s experts are here to help.
A reduction in council business rates can provide a crucial cash flow boost for Brent businesses. With the potential for backdated savings, reviewing your rates could lead to significant long-term benefits.
Contact RVA Surveyors to explore your options and secure the savings you deserve. Speak to one of our specialists today for expert advice and tailored support.
