Slough Business Rates
Business rates in Slough have risen significantly since the revaluation on April 1st, 2023, with the industrial sector alone experiencing an increase of over 39%. Many other commercial property types in the area have also seen their rateable values (RV) rise sharply.
The Valuation Office Agency (VOA), which is responsible for setting these values, valued all commercial properties in England and Wales for the 2023 rating list at £70 billion annually. This results in an expected £30 billion in tax revenue this year, with that figure set to rise towards £35 billion in the next financial year.
According to the International Property Tax Institute (IPTI), UK businesses already faced some of the highest property taxes globally in the previous rating list. The latest revaluation, however, has pushed business rates even higher, adding to the mounting pressure on business owners across Slough.
Increasing Costs for Businesses in Slough
The increase in business rates comes on top of other rising costs, such as rent, wages, commercial mortgages, and utilities. In the current economic climate, it’s increasingly difficult for businesses to find savings, making it even more important to ensure that your tax burden is fair and accurate.
Slough is home to a large number of businesses, most of which have seen their rateable values increase dramatically since the revaluation. In fact, business rates in Slough rose by an average of 18% in 2022 compared to the previous year.
“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 their business rates.” This means many businesses in Slough could be paying thousands more than necessary each year.
Reviewing Your Business Rates
Many business owners are unaware that they have the right to challenge or review their business rates. As a result, they could be overpaying and losing out on valuable savings. At RVA Surveyors, we’ve assisted over 47,000 properties to date, helping businesses navigate the complexities of the business rates system. Whether you’re interested in reducing your liability or need advice on tenancy agreements, our experts are here to support you.
Could You Be Overpaying on Business Rates?
A reduction in your business rates could be a much-needed financial relief. The potential for backdated savings or long-term reductions can make a significant difference to your bottom line.
Act now and speak to one of our saving specialists to see how RVA Surveyors can help you.
