Enfield Business Rates
Business rates in Enfield have soared, with the industrial sector alone experiencing increases of over 32% since the latest revaluation on 1st April 2023. Numerous other commercial property types across the borough have also seen significant rises in their rateable value (RV).
The Valuation Office Agency (VOA), the body responsible for setting rateable values during revaluations, assessed all commercial properties in England and Wales at £70 billion per year for the 2023 rating list. This means business rates are projected to generate approximately £30 billion in revenue this year, increasing to £35 billion in the next financial year.
According to the International Property Tax Institute (IPTI), business owners in the UK already paid some of the highest property taxes globally under the previous rating list. Now, the VOA’s decision to increase rateable values has placed even greater financial strain on businesses, adding to what many see as an upwards-only tax system.
The Impact of Rising Business Rates on Enfield Businesses
These steep business rate increases come at a time when businesses are already grappling with other mounting expenses, including higher rent and commercial mortgage repayments, rising wages, increased energy and utility costs.
In this challenging financial climate, businesses are finding it increasingly difficult to identify savings. However, one key area to explore is ensuring your business rates liability is accurate and fair.
There are thousands of businesses in the Enfield catchment area
The overwhelming majority of which will have seen their RV increase exponentially since the revaluation. Business rates, such as in Enfield, rose by an average of 18% in 2022 alone, when compared to the previous year.
“Based on our findings,” Anthony Hughes, Managing Director, of RVA Surveyors said, “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Many are unaware that they can review or challenge their business rates
Enfield business rates payers could be overpaying thousands each year as a result.
Your business should not have to suffer for the governments stealth increase. At RVA Surveyors, we have engaged with over 47,000 properties to date. Whether you simply want to investigate if a reduction in your liability is possible, or need support with your tenancy agreements, we have experts on hand to help.
A reduction in your business rates could be an invaluable cash boost. The long-term benefits of receiving a reduction – or even potential backdated savings – could be vital.
Act now and speak to one of our saving specialists today.
