Pendle Business Rates
Business rates in Pendle have surged by over 23% for the industrial sector since the revaluation took effect on 1st April 2023. Many other commercial property types have also seen significant rateable value (RV) increases.
The Valuation Office Agency (VOA), responsible for these valuations, has estimated that commercial properties across England and Wales are worth £70 billion annually under the 2023 rating list. This equates to £30 billion in tax revenue this year, rising to £35 billion in the next financial year.
Business owners in England and Wales were already paying some of the highest property taxes globally, according to the International Property Tax Institute (IPTI). The recent revaluation has amplified this burden, and Pendle businesses are feeling the financial pressure of a tax system that seems to only increase.
Rising Costs for Pendle Businesses
Businesses in Pendle are also grappling with rising rent, commercial mortgages, wages, and utilities. In today’s economic climate, finding savings is more important than ever. Ensuring your business rates are accurate is one area where significant cost reductions could be achieved.
The overwhelming majority of businesses in Pendle have seen their RV rise sharply following the revaluation. On average, business rates in the area increased by 18% in 2022 alone compared to the previous year. Despite this, many businesses remain unaware that they can review or challenge their assessments.
Anthony Hughes, Managing Director of RVA Surveyors, stated, “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.” This means Pendle businesses could be losing thousands of pounds unnecessarily every year.
Achieve Savings for your business
If your business has been impacted by rising rates, now is the time to act. A successful review or appeal of your rateable value could lead to immediate reductions, potential backdated savings, and a crucial cash flow boost.
At RVA Surveyors, we have helped over 47,000 properties across the UK ensure they are paying the right amount. Whether you need an expert to investigate potential savings or advice on tenancy agreements, we are here to support you.
Don’t let unfair business rates impact your bottom line. Speak to one of our specialists today and take the first step toward reducing your costs.
A better future for your business is just a call away.
