Herefordshire Business Rates
Business rates in Herefordshire have seen a sharp rise, with the office sector alone experiencing increases of over 12% since the 1st April 2023 revaluation. Other commercial property types have also faced significant hikes in their rateable values (RV), adding to the financial pressure on local businesses.
The Valuation Office Agency (VOA), which oversees rateable values during revaluations, valued all commercial properties in England and Wales at £70 billion per year in the 2023 rating list. This means that these taxes are expected to generate £30 billion in revenue this year, with projections rising to £35 billion next year.
Alongside escalating business rates, local businesses are battling higher costs in rent, commercial mortgages, wages, and utilities. The compounding effect of these increases leaves many business owners struggling to find areas for savings.
Rising Costs
One critical area to explore is ensuring that your business rates are fair and accurate—a step that could lead to substantial savings.
Herefordshire is home to thousands of businesses, the majority of which have seen their rateable values climb sharply following the revaluation. On average, business rates in Herefordshire rose by 18% in 2022 compared to the previous year.
This trend echoes findings from the International Property Tax Institute (IPTI), which states that UK businesses already faced some of the highest commercial property taxes in the world. With the latest revaluation, the financial burden has only grown heavier.
Could You Be Overpaying?
According to Anthony Hughes, Managing Director of RVA Surveyors,
“We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.”
For businesses in Herefordshire, this could mean thousands of pounds in unnecessary costs each year—money that could be better spent on growth and operations.
Your Partner in Savings
Many business owners remain unaware that they can review or challenge their business rates. This is where RVA Surveyors can make a difference.
With extensive experience supporting over 47,000 properties, we specialise in identifying inaccuracies in rateable values and securing reductions in business rates. A successful reduction can provide immediate relief and even unlock backdated refunds, delivering long-term financial benefits for your business.
If your business rates in Herefordshire feel unfairly high, now is the time to act. A simple review could lead to significant savings, ensuring that you only pay what is truly owed.
Speak with one of RVA Surveyors’ specialists today to explore your options, challenge inaccurate valuations, and secure the savings your business deserves.
Take control of your financial future—your business deserves nothing less.
