Sevenoaks Business Rates
Business rates in Sevenoaks have surged significantly, with the office sector experiencing increases of over 20% since the revaluation came into effect on April 1st, 2023. Many other types of commercial properties in the area have also seen substantial hikes in their rateable values (RV).
The Valuation Office Agency (VOA), responsible for setting these values, placed the total RV of all commercial properties in England and Wales for the 2023 rating list at £70 billion annually. This tax is estimated to generate £30 billion this year, rising to £35 billion in the next financial year.
According to the International Property Tax Institute (IPTI), UK businesses already faced the highest property taxes globally under the previous rating list. The latest revaluation has further exacerbated the issue, leaving business ratepayers in Sevenoaks and beyond struggling under what many see as an increasingly burdensome tax system.
Challenges for Sevenoaks Businesses
This surge in business rates comes amid rising costs in other areas, including rent, wages, utilities, and commercial mortgages. These pressures make it more critical than ever for businesses to scrutinise their rates to ensure fairness and accuracy.
Sevenoaks is home to thousands of businesses, most of which have seen their RVs climb steeply under the new revaluation. Business rates in the area rose by an average of 18% in 2022 compared to the previous year. Such increases place additional strain on businesses already managing tight budgets.
Are You Overpaying?
“Based on our findings,” says Anthony Hughes, Managing Director of RVA Surveyors, “we estimate that as many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.” This means a significant proportion of businesses in Sevenoaks may be paying more than necessary, potentially losing thousands annually.
Despite the steep increases, many businesses remain unaware that they can review or challenge their business rates. Overpayment could represent a significant financial drain, especially in today’s challenging economic climate.
RVA Surveyors, with experience assisting over 47,000 commercial properties nationwide, are experts in reducing business rate liabilities. Whether you are exploring the possibility of a reduction or seeking advice on tenancy agreements, RVA’s specialists are ready to help.
Achieve Potential Savings
Reducing your business rates could provide an invaluable financial boost. Backdated refunds and long-term reductions can help ease the burden on your business and improve its financial health. Don’t let unchecked business rates hold you back.
Speak to one of our saving specialists today and discover how RVA Surveyors can support your business.
