Derby Business Rates
Businesses in Derby are facing mounting financial pressure after the latest revaluation of business rates, with the industrial sector alone seeing increases of over 13% since April 1st, 2023. Many other commercial property types have also experienced significant hikes in rateable value (RV), further straining budgets.
The Valuation Office Agency (VOA), tasked with setting RVs for each revaluation, valued all commercial properties across England and Wales at a staggering £70 billion annually for the 2023 rating list. This equates to around £30 billion in business rate revenue this year, rising to an estimated £35 billion by the next financial year. For Derby businesses, already burdened by what the International Property Tax Institute (IPTI) describes as the world’s highest property taxes, these increases represent another major hurdle.
Rising Costs
Beyond soaring business rates, businesses in Derby are grappling with rising costs for rent, wages, and utilities. In today’s economic climate, finding savings can feel impossible – but ensuring your business rates are fair and accurate may provide much-needed relief.
Derby is home to thousands of businesses, and most have seen significant increases in their RVs. Business rates in Derby rose by an average of 18% in 2022 compared to the previous year, leaving many business owners unsure of how to offset these sharp increases. Despite this, many are unaware that they have the right to review or challenge their RVs.
Anthony Hughes, Managing Director of RVA Surveyors, highlights the scale of potential overpayments:
“Our findings estimate that as many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.”
For businesses in Derby, this could mean thousands of pounds lost every year to unnecessary overpayments.
Is Your Business Overpaying?
RVA Surveyors has already worked with over 47,000 commercial properties across the UK, helping businesses uncover overpayments and secure reductions in their liabilities. Whether you want to explore the possibility of a reduction or need expert advice on tenancy agreements, our team of specialists is here to help.
Securing a reduction in your business rates could bring significant financial benefits to your business. Immediate relief through reduced payments, as well as potential backdated refunds, could provide a valuable cash boost. In the long term, a fairer rateable value means a more sustainable financial position.
Contact RVA Surveyors today to explore your options and take the first step toward reducing your business rates. With no obligation and thousands of pounds in potential savings, now is the time to act. Speak to one of our specialists today and start the journey to reclaiming control over your business finances.
