Business Rates in Cambridge
The 2023 revaluation has caused a significant surge in business rates in Cambridge, with office sector rateable values (RVs) rising by over 31%. This increase has placed considerable financial pressure on local businesses. Other property types, including retail and industrial, have also seen substantial RV hikes.
The Valuation Office Agency (VOA) oversees the valuation of commercial properties for rateable purposes. The 2023 revaluation pegged total RVs across England and Wales at £70 billion per year, generating an estimated £30 billion in annual tax revenue, which is expected to climb to £35 billion in the coming financial year.
Cambridge Businesses Facing Rising Costs
For many businesses in Cambridge, the rise in business rates is addition to increasing costs in rent, wages, utilities, and commercial mortgages. Despite these pressures, thousands of businesses across Cambridge may be unknowingly overpaying on their business rates.
The Opportunity to Challenge Overpayments
Anthony Hughes, Managing Director of RVA Surveyors, highlights:
“Our findings suggest that as many as 50% of commercial properties in England and Wales could be paying more than they should. Reviewing rateable values is an essential step for businesses to ensure fairness.”
Businesses in Cambridge can benefit significantly by exploring opportunities to review or challenge their business rates. Even small adjustments can lead to substantial savings, which can be reinvested in operations or growth.
How RVA Surveyors Can Help Cambridge Businesses
With over 47,000 properties reviewed, RVA Surveyors have a proven track record in helping businesses identify and secure potential savings.
We offer:
- Rateable value reviews to identify discrepancies.
- Assistance with formal challenges to the VOA.
- Support for tenancy agreements to ensure fair terms.
The rising business rates in Cambridge need not drain your resources. By acting now, you could uncover significant savings and even secure backdated refunds for overpayments.
Contact RVA Surveyors today to learn how we can help reduce your liabilities and ensure your business rates are accurate. Don’t let unnecessary costs hold your business back!
