Business Rates in Cherwell
Industrial businesses in Cherwell have faced a staggering 27% increase in business rates following the April 1st, 2023, revaluation. Many other commercial property types have also seen significant hikes in rateable value (RV), adding to the strain on business owners.
The Valuation Office Agency (VOA), responsible for setting RVs, has assessed commercial properties in England and Wales at £70 billion annually for the 2023 rating list. This means businesses will collectively pay £30 billion this year, with the total expected to climb to £35 billion next year.
The Rising Cost Cherwell Businesses
As noted by the International Property Tax Institute (IPTI), UK business owners were already shouldering the world’s highest property tax before this latest revaluation. The situation has only worsened, leaving many Cherwell businesses struggling to keep up.
From rent, utilities, and wages to escalating business rates, the costs for businesses are piling up. Finding areas to save can seem impossible, but ensuring your business rates are fair and accurate is one way to make a difference.
In the Cherwell catchment area, thousands of businesses have seen their RVs surge. Business rates in the region increased by an average of 18% in 2022, compared to the previous year.
Anthony Hughes, Managing Director of RVA Surveyors, reveals:
“We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.”
Many businesses are unaware they can review or challenge their rates, potentially costing them thousands in unnecessary payments every year.
Start Saving with RVA Surveyors
RVA Surveyors has already worked with over 47,000 commercial properties, helping business owners uncover savings and reduce their liabilities.
Our team of experts can assist with:
- Exploring whether your business rates liability can be reduced.
- Providing specialist advice on tenancy agreements and property assessments.
Business Rates Reduction
A successful reduction in your business rates could deliver:
- Cash flow improvements
- Backdated refunds
- Ongoing savings to reinvest in your business.
Every penny counts, don’t let overpaying on your business rates hold your business back. Our specialists are here to help you unlock valuable savings and take control of your expenses. Contact RVA Surveyors today to ensure your business rates are accurate and fair. Schedule a no-obligation consultation with our team of experts and start saving today.
