Charnwood Business Rates
Charnwood business rates have seen significant increases, with the industrial sector alone experiencing hikes of over 14% since the revaluation that took effect on 1st April 2023. Other commercial property types have also been affected, with many seeing large increases in rateable value (RV). The Valuation Office Agency (VOA), the body responsible for setting these values, determined that all commercial properties in England and Wales are worth a total of £70 billion in rateable value for the 2023 rating list. This translates to an estimated £30 billion in revenue from business rates for the year, with projections suggesting it could rise to £35 billion in the next financial year.
Businesses in Charnwood
The VOA is responsible for determining the rateable values of all commercial properties during the revaluation process. As business rates continue to rise, business owners in Charnwood are feeling the effects of this tax. According to the International Property Tax Institute (IPTI), UK business owners were already paying some of the highest property taxes globally, and with these latest increases, it’s becoming even more difficult for businesses to absorb the added costs.
These increases in business rates are coming on top of rising costs across other areas, including rent, commercial mortgages, wages, and utilities. With the current economic climate, it’s harder than ever for businesses to find savings. However, ensuring your business rates are accurate and fair is one area where businesses can still potentially make savings.
Are Businesses in Charnwood Overpaying?
Thousands of businesses across Charnwood are likely to have seen their rateable value increase significantly following the revaluation. In fact, business rates in regions like Charnwood saw an 18% average rise in 2022 compared to the previous year.
Anthony Hughes, Managing Director of RVA Surveyors, notes: “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Many businesses in Charnwood may not realise that they can review or challenge their business rates. As a result, they could be overpaying thousands of pounds each year.
Act Now
At RVA Surveyors, we have engaged with over 47,000 properties across the country, helping businesses investigate if their rates can be reduced. Whether you need assistance with:
- Investigating a reduction in your business rates
- Challenging inaccuracies in your rateable value
- Support with tenancy agreements or property tax
Our experts are here to help. A reduction in your business rates could be a vital cash injection for your business. From a reduction, or potential backdated savings, the benefits could significantly improve your financial position.
Contact our saving specialists today to learn more about how we can help you save.
