South Hams Business Rates
Business rates in South Hams have risen by over 24% for the industrial sector alone since the revaluation took effect on 1st April 2023. Many other commercial property types have also seen significant increases in rateable value (RV).
The Valuation Office Agency (VOA), which determines these values, has set the total RV for all commercial properties in England and Wales at £70 billion annually for the 2023 list. This will generate approximately £30 billion in revenue this year and is projected to rise to £35 billion in the next financial year.
Businesses Face Increasing Costs
According to the International Property Tax Institute (IPTI), businesses in the UK already paid some of the highest property taxes globally under the previous rating list. The recent increases have only intensified the financial pressure on commercial property owners and tenants.
This is compounded by rising rents, wages, utilities, and commercial mortgage costs. While savings are challenging to find, ensuring your business rates are accurate and fair is one way to ease the burden.
Thousands of South Hams Businesses Affected
South Hams is home to many businesses, the majority of which will have experienced sharp increases in their RVs since the revaluation. Business rates in the area rose by an average of 18% in 2022 compared to the previous year.
“Based on our findings,” Anthony Hughes, Managing Director of RVA Surveyors, said, “we estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Review your Business Rates Today
South Hams businesses could be losing thousands of pounds each year due to overpayment of business rates.
At RVA Surveyors, we’ve reviewed over 47,000 properties to date. Whether you want to explore potential reductions in liability or need help with tenancy agreements, our experts are ready to assist.
A reduction in business rates could provide a vital financial boost, and any backdated savings could help further stabilise your business.
Speak with one of our saving specialists today and discover how we can help you achieve fairer business rates.
