Great Yarmouth Business Rates
Business rates in Great Yarmouth have surged, with the industrial sector alone seeing increases of over 20% since the 1st April 2023 revaluation. Many other commercial property types have also faced significant hikes in rateable value (RV).
The Valuation Office Agency (VOA), responsible for setting rateable values, assessed all commercial properties across England and Wales at £70 billion per year for the 2023 rating list. This means the tax is expected to generate £30 billion this year, rising to £35 billion in the next financial year.
The International Property Tax Institute (IPTI) reports that UK businesses already pay one of the highest commercial property taxes in the world. With the VOA’s latest revaluation, businesses in Great Yarmouth are now facing even more financial pressure.
Pressure for Great Yarmouth Businesses
The increase in business rates comes alongside other rising costs, such as higher rents, commercial mortgage repayments, energy bills, utilities, wages, and operational expenses. Businesses in Great Yarmouth have been hit particularly hard, with the majority seeing sharp increases in their rateable values since the revaluation. In 2022 alone, business rates in areas like Great Yarmouth 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.”
Many are unaware that they can review or challenge their business rates
Great Yarmouth 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.
