Business rates in Brentwood have seen increases of over 18% for the office 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.
The Impact on Brentwood Businesses
Higher costs, not just business rates are adding to the strain for business owners already grappling with rent hikes, utility bills, and wages. Brentwood businesses are feeling the pinch, with many unaware they could be overpaying on their business rates. RVA Surveyors’ findings reveal that up to 50% of commercial properties in England and Wales might be paying more than they should.
There are thousands of businesses in the Brentwood area
The overwhelming majority of which will have seen their RV increase exponentially since the revaluation. Business rates, such as in Brentwood, rose by an average of 18% in 2022 alone, when compared to the previous year.
“Based on our findings,” Anthony Hughes, Managing Director, of RVA Surveyors said, “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Reviewing Your Business Rates
If you’re a Brentwood business owner, it’s crucial to assess your business rates. Whether you’re seeking reductions or backdated savings, addressing inaccuracies in your RV could offer a vital financial boost.
Act Now
At RVA Surveyors, we specialise in helping businesses like yours navigate this complex industry. From investigating potential reductions throughout the Check, Challenge, Appeal (CCA) process, we’re here to support you.
Speak to our team today and explore how you can save on your Brentwood business rates: Contact RVA Surveyors.
