Lincoln Business Rates
Businesses in Lincoln are facing steep challenges after a 21% rise in business rates for the industrial sector alone, following the revaluation implemented on 1st April 2023. Many other commercial property types in the area have also experienced significant increases in their rateable values (RV).
The Valuation Office Agency (VOA), responsible for determining rateable values, has valued all commercial properties in England and Wales at £70 billion per year for the 2023 rating list. This tax is expected to generate £30 billion in revenue this year, rising to £35 billion next year.
According to the International Property Tax Institute (IPTI), UK businesses already paid some of the highest commercial property taxes globally under the previous rating list. With the recent revaluation, business rates payers in Lincoln are feeling the financial strain of this increasing tax burden.
Pressure on Lincoln Businesses
On top of rising business rates, Lincoln businesses are also facing growing expenses such as rent, commercial mortgages, wages, and utilities. These financial pressures leave little room for manoeuvre, making it more important than ever to ensure your business rates are accurate and fair.
Lincoln’s diverse range of businesses, many of which have seen their rateable values surge, are not alone. Business rates in Lincoln increased by an average of 18% in 2022 compared to the previous year.
Anthony Hughes, Managing Director of RVA Surveyors, explains:
“We estimate that as many as 50% of commercial properties in England and Wales could be overpaying on their business rates.”
Many Lincoln business owners and tenants remain unaware of their ability to review or challenge their business rates. This lack of awareness could be costing local businesses thousands of pounds each year.
How RVA Surveyors Can Help Your Business
At RVA Surveyors, we specialise in identifying inaccuracies in rateable values and helping businesses reduce their liabilities. With experience spanning over 47,000 properties, we can assess whether your business rates liability is fair, assist with reviewing tenancy agreements and secure reductions and even potential backdated refunds for long-term financial benefits.
A reduction in your business rates could provide much-needed savings, offering a critical boost to reinvest in your business.
Act Now to Save on Lincoln Business Rates
Don’t let increasing business rates in Lincoln hold your business back. Speak with one of our specialists today to explore your options, challenge inaccurate assessments, and secure the savings your business deserves.
Take the first step toward fair and accurate business rates.
