Ribble Valley Business Rates
The industrial sector in Ribble Valley has faced a steep rise in business rates, with increases of over 21% following the April 1st, 2023 revaluation. Moreover, these changes are not limited to industrial properties; instead, many other commercial property types have also experienced significant hikes in rateable values (RV).
Importantly, the Valuation Office Agency (VOA), which is responsible for determining these values, assessed all commercial properties in England and Wales at a combined £70 billion annually for the 2023 rating list. As a result, this revaluation translates to approximately £30 billion in revenue this year, while projections show an increase to £35 billion in the next financial year.
Property Taxes on UK Businesses
Notably, according to the International Property Tax Institute (IPTI), UK business owners were already managing some of the highest property tax burdens globally. Furthermore, the latest VOA revaluation has exacerbated the strain, adding to the challenges faced by businesses already grappling with a host of rising operational costs.
In addition to business rates, property owners and tenants are facing increasing financial pressures from rising rent, commercial mortgage rates, wages, and utility bills. In such a challenging climate, reviewing your business rates for fairness and accuracy can be one of the few actionable ways to secure meaningful savings.
Thousands of Businesses Affected in Ribble Valley
The Ribble Valley area has a diverse range of businesses, the vast majority of which have seen their RVs skyrocket since the revaluation. Business rates in the region surged by an average of 18% in 2022 alone, compared to the previous year.
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.”
A significant number of Ribble Valley businesses may be unaware of their ability to review or challenge their business rates. This oversight could lead to thousands of pounds in unnecessary overpayments every year—money that could be better spent elsewhere in your operations.
Call RVA Surveyors Today
At RVA Surveyors, we have worked with over 47,000 commercial properties, assisting clients in reviewing and potentially reducing their business rates liabilities. Whether it’s identifying overpayments, exploring backdated savings, or securing long-term reductions, our team is here to help.
Reducing your business rates could provide a critical financial boost for your enterprise. Beyond immediate savings, the potential for backdated refunds can further enhance your financial stability.
Reach out to one of our savings specialists today and take the first step toward reclaiming your financial advantage.
