Harrogate Business Rates
Harrogate, a town known for its charm and thriving business community, has recently faced a new financial hurdle. Business rates in the area have soared, with the industrial sector alone seeing increases of over 23% since the April 1st, 2023 revaluation. This isn’t just an isolated issue; many other types of commercial properties in Harrogate have also been hit hard by rising rateable values (RV).
At the heart of this change is the Valuation Office Agency (VOA), which oversees revaluations. For the 2023 rating list, the VOA assessed all commercial properties in England and Wales at a staggering £70 billion per year. As a result, this tax is expected to generate £30 billion in revenue this year and climb toward £35 billion in the next financial year.
Rising Costs
The numbers speak for themselves. In 2022, business rates in Harrogate rose by an average of 18% compared to the previous year. According to the International Property Tax Institute (IPTI), UK businesses were already paying some of the highest commercial property taxes in the world. Now, with this latest revaluation, the financial burden feels almost insurmountable for many business owners and tenants.
For businesses in Harrogate, the financial strain doesn’t stop at business rates. These increases come on top of rising rents, commercial mortgages, utility bills, and wages. It’s a perfect storm, and for many, it’s becoming harder to stay afloat.
There are thousands of businesses in the Harrogate catchment area
The overwhelming majority of which will have seen their RV increase exponentially since the revaluation. Business rates, such as in Harrogate, rose by an average of 18% in 2022 alone, when compared to the previous year.
“Based on our findings,” Anthony Hughes, Managing Director, of RVA Surveyors said, “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Many are unaware that they can review or challenge their business rates
Harrogate 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.
