Business Rates in Burnley
Burnley businesses face significant increases in business rates, with industrial properties bearing the brunt of a staggering 27% rise following the April 2023 revaluation. Other commercial sectors have also experienced sharp hikes in rateable value (RV), adding to the financial challenges faced by businesses in the area.
What’s Driving These Rate Increases?
The Valuation Office Agency (VOA), tasked with assigning rateable values during revaluations, has used updated property rental data to compile the 2023 rating list. This nationwide revaluation has pushed the total rateable value of all commercial properties in England and Wales to an unprecedented £70 billion annually. The government expects to collect £30 billion in business rates revenue this year, with projections climbing to £35 billion in subsequent years.
Rising Costs for Burnley Businesses
Burnley businesses aren’t just grappling with increased business rates. Rising costs in rent, utilities, wages, and commercial finance are further squeezing profits. Despite these pressures, many businesses are unaware that they could be overpaying on their business rates.
Anthony Hughes, Managing Director of RVA Surveyors, highlights the scale of the problem:
“We estimate that nearly 50% of all commercial properties in England and Wales could be paying more than they should. This means many businesses are missing out on potential savings.”
Businesses across Burnley could be overpaying thousands of pounds annually on their business rates. The process of revaluation may seem complex, but there are ways to review and challenge rateable values, potentially unlocking considerable savings.
Don’t Let Overpayments Weigh You Down
With a proven track record of reviewing over 47,000 commercial properties, RVA Surveyors are well-equipped to help Burnley businesses uncover savings. Their services include identifying overpayments, assisting with appeals, and securing backdated refunds, providing much-needed relief for businesses under financial pressure.
If your Burnley business is struggling with rising costs, now is the time to take action. By reviewing your business rates, you could unlock both immediate and long-term benefits.
Contact RVA Surveyors today and discover how accurate business rates can support your business’s growth and stability. Don’t let overpayments hold you back—act now.
