Powys Business Rates
Business rates in Powys have risen sharply, with the industrial sector alone seeing increases of over 9% since the revaluation took effect on 1st April 2023. Many other commercial property types have also experienced significant hikes in rateable value (RV).
The Valuation Office Agency (VOA), responsible for setting RVs, has valued all commercial properties in England and Wales at £70 billion annually under the 2023 rating list. This change is projected to generate £30 billion in revenue this year, climbing to £35 billion in the next financial year.
According to the International Property Tax Institute (IPTI), UK businesses already endured the world’s highest property taxes under the previous rating list. The recent revaluation has further intensified this burden, placing immense financial strain on businesses across Powys.
Powys Businesses Face Steep Taxes
In addition to rising business rates, Powys companies are dealing with increased costs for rent, commercial mortgages, wages, and utilities. In such a challenging economic climate, ensuring your business rates are fair and accurate is an essential step in identifying potential savings.
Thousands of businesses in Powys have seen sharp increases in their RVs following the revaluation. Business rates in Powys rose by an average of 18% in 2022 compared to the previous year, leaving many businesses struggling to keep up.
Anthony Hughes, Managing Director of RVA Surveyors, noted, “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.” Many businesses in Powys may be unaware that they have the right to review or challenge their RV, potentially saving thousands annually.
Review Your Business Rates
Overpaying on business rates is an avoidable expense that can drain your business’s resources. By reviewing or appealing your RV, you could reduce your liability and benefit from significant financial savings, both immediate and long-term.
At RVA Surveyors, we have successfully assisted over 47,000 businesses in navigating the complex world of business rates. Whether you are exploring options for reducing your rates or need support with tenancy agreements, our experts are ready to help.
Don’t let inflated business rates hinder your business’s success. Act now to ensure your rates are accurate and fair.
Contact RVA Surveyors today to explore how we can help you secure valuable savings and improve your business’s financial outlook.
