Rotherham Business Rates
Business rates in Rotherham have increased significantly, with the office sector alone experiencing a rise of over 16% since the revaluation on April 1, 2023. Moreover, many other commercial property types have also faced substantial rateable value (RV) increases. The Valuation Office Agency (VOA), which sets RVs during revaluations, has assessed all commercial properties in England and Wales at a combined total of £70 billion per year for the 2023 rating list. As a result, this is expected to generate £30 billion in revenue this year and rise to £35 billion in the next financial year.
According to the International Property Tax Institute (IPTI), UK businesses already bore some of the highest property taxes globally under the previous rating list. Unfortunately, the latest VOA revaluation has intensified this burden. Consequently, business rate payers in Rotherham are now contending with increasing financial pressures, creating additional hurdles for local enterprises.
Thousands of Businesses Impacted in Rotherham
In addition to rising business rates, companies in Rotherham are grappling with increasing costs for rent, commercial mortgages, wages, and utilities. For many, these growing expenses are overwhelming. However, taking the proactive step of ensuring your business rates are accurate can help uncover potential savings and reduce financial strain.
The Rotherham area is home to thousands of businesses, most of which have experienced significant RV increases following the revaluation. For instance, business rates in the region rose by an average of 18% in 2022 compared to the previous year, showcasing the upward trend in property taxes.
Anthony Hughes, Managing Director of RVA Surveyors, states, “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.” This alarming statistic underscores the importance of reviewing and challenging rateable values.
Review Your Business Rates
Many business owners in Rotherham may not realise they have the right to review or challenge their business rates. Unchecked overpayments could amount to thousands of pounds each year—funds that could be redirected to other vital areas of your business.
At RVA Surveyors, we’ve worked with over 47,000 commercial properties to date, assisting businesses in reducing their liabilities, uncovering backdated savings, and negotiating better terms. Whether you’re a property owner or tenant, our experts can help you explore your options and ensure that your business rates reflect a fair and accurate valuation.
Act Now
Securing a reduction in your business rates can provide a much-needed financial boost. Beyond immediate savings, the potential for backdated refunds could add significant value to your business. With the financial pressures on businesses continuing to grow, now is the time to ensure your business rates are working for—not against—you.
Speak with one of our savings specialists today and take the first step towards reclaiming your financial advantage. Don’t let unchecked business rates hold your business back.
