Gravesham Business Rates
Business rates in Gravesham have surged, with the industrial sector alone seeing increases of over 39% since the 1st April 2023 revaluation. Many other commercial property types have also experienced 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 means the tax is expected to raise £30 billion in revenue this year, increasing to £35 billion next year.
The International Property Tax Institute (IPTI) states that UK businesses already pay one of the highest commercial property taxes in the world. Now, the VOA’s revaluation has increased the financial strain even further.
Pressure on Gravesham Businesses
The sharp rise in business rates comes on top of increasing rents and commercial mortgage repayments, utility bills and energy costs, wages and operational expenses.
Gravesham is home to thousands of businesses, most of which have seen their rateable values climb sharply since the revaluation. In 2022 alone, business rates in areas like Gravesham rose by an average of 18% compared to the previous year.
Anthony Hughes, Managing Director of RVA Surveyors, commented:
“We estimate that up to 50% of all commercial properties in England and Wales could be overpaying on their business rates.”
Could Your Gravesham Business Be Overpaying?
Many businesses in Gravesham are unaware that they can review or challenge their business rates. As a result, countless businesses could be overpaying thousands each year unnecessarily.
At RVA Surveyors, we help commercial property owners and tenants review rateable values for accuracy, challenge unfair assessments to reduce liabilities, secure savings and potential backdated refunds
Reducing your business rates can provide a much-needed cash boost, improving cash flow and freeing up funds for reinvestment. Backdated refunds also offer significant long-term benefits.
Don’t let rising business rates impact your finances. Our team of expert surveyors can help you identify potential savings, challenge unfair assessments, ensure your business pays only what you’re supposed to.
Contact us today to find out how RVA Surveyors can help reduce your business rates liability and secure the savings your business deserves.
