Gwynedd Business Rates
Business rates in Gwynedd have risen sharply, with the industrial sector seeing increases of over 13% 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 in England and Wales at £70 billion per year for the 2023 rating list. As a result, this tax is expected to generate £30 billion this year, rising to £35 billion in the next financial year.
According to the International Property Tax Institute (IPTI), UK businesses already pay one of the highest commercial property taxes in the world. With this revaluation, businesses in Gwynedd are now under even greater financial pressure.
Pressure for Gwynedd Businesses
On top of rising business rates, companies in Gwynedd face other increasing costs, including rent, commercial mortgage repayments, energy bills, utilities, wages, and general operating expenses. Most businesses in the area have seen sharp increases in their rateable values since the revaluation, adding to these challenges. In 2022 alone, business rates in regions like Gwynedd rose by an average of 18% compared to the previous year.
Anthony Hughes, Managing Director of RVA Surveyors, explained:
“We estimate that up to 50% of all commercial properties in England and Wales could be overpaying on their business rates.”
Could Your Gwynedd Business Be Overpaying?
Many businesses in Gwynedd are unaware they can review or challenge their business rates. As a result, countless businesses could be overpaying thousands every year.
At RVA Surveyors, we specialise in helping commercial property owners and tenants ensure their rateable values are fair and 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 vital cash boost. Improved cash flow frees up funds for reinvestment and delivers significant long-term benefits for your business.
Act Now – Speak to Our Specialists
Don’t let rising business rates harm your finances. Our team of expert surveyors can help you identify potential savings, challenge unfair assessments, and ensure you only pay your fair share.
Contact us today to see how RVA Surveyors can help reduce your business rates liability and secure the savings you deserve.
