East Hampshire Business Rates
Since the revaluation on 1st April 2023, business rates in East Hampshire have seen dramatic increases, with the industrial sector alone experiencing a rise of over 31%. Other commercial property types across the area have also faced substantial hikes in their rateable values (RVs). The Valuation Office Agency (VOA) is responsible for determining these values, which have been set at a staggering £70 billion annually for all commercial properties in England and Wales. This translates to an estimated £30 billion in tax revenue for this year, with projections to rise to £35 billion in the next financial year.
Impact on East Hampshire
The tax burden on businesses in East Hampshire is growing rapidly, adding to the mounting pressures of rent, commercial mortgages, wages, and utilities. These increases are making it harder for businesses to maintain profitability and sustainability. In such a challenging climate, ensuring that your business rates are fair and accurate is a critical step every commercial property owner or tenant should take to uncover potential savings.
Many businesses in the East Hampshire are likely to have seen their rateable values increase significantly following the revaluation. In 2022 alone, business rates across the region saw an average rise of 18% when compared to the previous year. Despite these substantial increases, many businesses remain unaware that they have the right to review or challenge their rates.
Anthony Hughes, Managing Director of RVA Surveyors, explains:
“Our research suggests that as many as 50% of all commercial properties in England and Wales could be overpaying their business rates.”
This means businesses in East Hampshire could be paying thousands of pounds more than necessary each year.
Potential Savings
It is essential that businesses in East Hampshire act quickly to assess whether their business rates are being correctly applied. At RVA Surveyors, we have worked with over 47,000 properties to help identify overpayments and reduce liabilities.
Securing a reduction in your business rates can provide an immediate cash boost, offering both short-term relief and long-term financial benefits. Backdated savings can provide a crucial financial buffer for businesses looking to recover or reinvest.
Contact RVA Surveyors now to speak with one of our savings specialists and explore how we can help you secure the most accurate business rates. Act now to ensure that your property’s tax liability is not only fair but manageable, and potentially unlock savings that could make a significant difference.
