Reading Business Rates
Business rates in Reading have seen a sharp rise, with the industrial sector facing increases of over 30% since the April 1st, 2023 revaluation. This trend isn’t limited to industrial properties; many commercial property categories have experienced substantial hikes in rateable value (RV). The Valuation Office Agency (VOA), responsible for setting rateable values during revaluations, has estimated that for the 2023 rating list, commercial properties across England and Wales are collectively valued at £70 billion per year. This translates to approximately £30 billion in revenue for this fiscal year, projected to grow to £35 billion in the next.
The International Property Tax Institute (IPTI) notes that UK businesses already have some of the highest property taxes globally under the previous rating system. With the new valuation, the pressure on business owners has only intensified, with many feeling the weight of what seems to be a one-way tax escalation.
In addition to rising business rates, companies in Reading are grappling with increases in rent, utility bills, wages, and commercial mortgages. Finding ways to cut costs can seem daunting but ensuring that your business rates are accurate is one area where meaningful savings can often be achieved.
Thousands of Businesses Across Reading Impacted
The Reading area is home to thousands of businesses, most of which have experienced significant RV increases following the revaluation. Comparatively, business rates in Reading rose by an average of 18% in 2022 alone. This upward trend shows no sign of slowing, putting even more financial strain on local enterprises.
Anthony Hughes, Managing Director of RVA Surveyors, highlights, “Our research indicates that up to 50% of commercial properties across England and Wales could be overpaying on their business rates.”
Reviewing Business Rates
Many business owners in Reading may not be aware of their right to review or challenge their business rates, potentially losing out on thousands of pounds annually. Overpaying taxes can create unnecessary financial pressure at a time when many businesses are already stretched thin.
At RVA Surveyors, we’ve worked with over 47,000 commercial properties to date, assisting business owners in investigating their liabilities, reducing their rates, and even negotiating backdated savings.
Why Act Now?
A reduction in your business rates could provide a vital cash boost to your business. The potential for long-term savings, coupled with the possibility of reclaiming backdated savings, makes this an opportunity no business should overlook. Don’t let rising business rates hold your business back.
Speak with one of our savings specialists today to explore how RVA Surveyors can help.
