Fylde Business Rates
Business rates in Fylde have seen significant increases, with the industrial sector alone rising over 11% since the 1st April 2023 revaluation. Other commercial property types have also faced substantial hikes in rateable value (RV).
The Valuation Office Agency (VOA), responsible for setting rateable values, assessed all commercial properties in England and Wales at £70 billion per year for the 2023 rating list. This staggering figure means the tax is set to generate £30 billion in revenue this year and increase to £35 billion next year.
The International Property Tax Institute (IPTI) reports that UK businesses already pay one of the highest property taxes in the world. Now, the latest VOA revaluation has added even more financial pressure to businesses in Fylde.
Rising Costs on Fylde Businesses
Business rate increases are just one challenge for companies, as they also face higher rents and commercial mortgage repayments, rising energy bills and utilities and increasing wages and operating expenses.
Fylde is home to thousands of businesses, most of which have experienced sharp rises in their rateable values since the revaluation. In 2022 alone, business rates in areas like Fylde rose by an average of 18% compared to the previous year.
Anthony Hughes, Managing Director of RVA Surveyors, stated:
“We estimate that up to 50% of all commercial properties in England and Wales could be overpaying on their business rates.”
Could Your Fylde Business Be Overpaying?
Many businesses in Fylde don’t realise they can review or challenge their business rates. As a result, countless companies may be overpaying thousands every year without knowing it.
At RVA Surveyors, we specialise in helping commercial property owners and tenants review rateable values for accuracy, challenge unfair assessments to reduce liabilities, secure savings and potential backdated refunds
A reduction in business rates could provide a vital cash boost for your company. This can free up funds for reinvestment and improve cash flow. Backdated refunds also offer significant long-term benefits.
Don’t let rising business rates put your finances at risk. Our team of expert surveyors can help you investigate potential savings, challenge unfair assessments and ensure your business pays what you’re supposed to.
Contact us today to learn how RVA Surveyors can help you reduce your business rates liability and secure the savings your business deserves.
