Greenwich Business Rates
Business rates in Greenwich have surged, with the industrial sector alone seeing increases of over 45% 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 Greenwich are now under even greater financial pressure.
Pressure for Greenwich Businesses
The increase in business rates comes on top of rising rents, commercial mortgage repayments, energy bills, utilities, wages, and operating expenses. Businesses in Greenwich 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 Greenwich 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 Greenwich Business Be Overpaying?
Many businesses in Greenwich remain unaware that they can review or challenge their business rates. As a result, countless businesses may be overpaying thousands each year. At RVA Surveyors, we specialise in helping commercial property owners and tenants ensure their rateable values are accurate. We support businesses by challenging unfair assessments, reducing liabilities, and securing potential savings, including backdated refunds where applicable.
Reducing your business rates could provide a much-needed cash boost for your business. This can improve cash flow, free up vital funds for reinvestment, and deliver significant long-term financial benefits.
Act Now – Speak to Our Specialists
Don’t let rising business rates damage your finances. Our team of expert surveyors can help you investigate potential savings, challenge unfair assessments, and ensure your business only pays what you’re supposed to.
Contact us today to find out how RVA Surveyors can reduce your business rates liability and secure the savings your business deserves.
