Business Rates in Ceredigion
Business rates in Ceredigion have seen notable increases, with the industrial sector alone experiencing hikes of over 9% since the revaluation that took effect on 1st April 2023. Other commercial property types have also faced significant increases in their rateable value (RV). The Valuation Office Agency (VOA), responsible for setting these values, estimated the total rateable value of commercial properties across England and Wales at £70 billion for the 2023 rating list, which will generate approximately £30 billion in revenue this year alone.
The VOA establishes the rateable values for each commercial property during the revaluation process. This tax, which continues to rise, has led to business owners in Ceredigion facing an even higher burden. As the International Property Tax Institute (IPTI) points out, the UK already has the highest property taxes in the world, and with the latest increases, business rates payers are feeling the strain.
Costs for Businesses
These increases in business rates come on top of mounting costs for businesses, including rent, commercial mortgages, wages, and utilities. In today’s climate, it can be difficult to identify areas for savings, but ensuring that your business rates are fair and accurate is a crucial area to review.
Thousands of businesses across Ceredigion will have seen their rateable value rise significantly since the revaluation. In fact, business rates in the region rose by an average of 18% in 2022, compared to the previous year.
As 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.”
Review Your Business Rates
Many business owners in Ceredigion are unaware that they can review or challenge their business rates. This means that businesses could be overpaying by thousands of pounds each year without realising it. At RVA Surveyors, we have already engaged with over 47,000 properties across the UK.
Whether you need to:
- Investigate potential reductions in your business rates
- Challenge inaccuracies in your rateable value
- Seek advice on tenancy agreements or property tax.
A reduction in your business rates could provide an invaluable cash boost for your business. The long-term savings – and potential backdated savings – could make a significant difference, helping to sustain your business in the current economic climate.
Get in touch with RVA Surveyors to explore if your business rates can be reduced. Speak to one of our specialists today and see how we can help you save.
