Chelmsford Business Rates
The recent revaluation, effective from April 1st, 2023, has caused office property rates in Chelmsford to climb by over 13%, with many other commercial property types facing steep hikes in their rateable value (RV).
The Valuation Office Agency (VOA), which determines these values, has assessed all commercial properties in England and Wales at a staggering £70 billion annually for the 2023 revaluation period. This is set to generate £30 billion in revenue this year alone, with expectations of rising to £35 billion by the next financial year. For businesses already contending with the world’s highest property tax, as noted by the International Property Tax Institute (IPTI), this additional increase has only intensified the pressure.
Costs Impacting Chelmsford Businesses
In addition to rising business rates, companies are grappling with escalating expenses for utilities, rents and wages. Amid these mounting pressures, reviewing your business rates is one of the few opportunities to secure meaningful savings.
Chelmsford businesses are among thousands across England and Wales that have seen significant rateable value increases. In fact, business rates surged by 18% in 2022 compared to the previous year alone.
Yet, many business owners remain unaware that they have the option to challenge or review their rates. This oversight could be costing Chelmsford businesses thousands of pounds annually. According to Anthony Hughes, Managing Director at RVA Surveyors: “Our research shows that as many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.”
Act Now
With rising costs on every front, no business should endure unnecessary overpayments on rates. At RVA Surveyors, we’ve already helped more than 47,000 commercial properties investigate their rateable values and secure reductions where possible.
