Tunbridge Wells Business Rates
Business rates in Tunbridge Wells have surged, with the office sector experiencing increases of over 31% since the April 1st, 2023 revaluation. Other commercial property types have also faced significant rateable value (RV) hikes.
The Valuation Office Agency (VOA), responsible for setting rateable values, has estimated total annual valuations across England and Wales at £70 billion. This tax will generate approximately £30 billion in revenue this year, with expectations to rise to £35 billion next year.
UK Businesses Struggling
According to the International Property Tax Institute (IPTI), UK businesses already paid the highest property taxes globally under the previous system. The new VOA revaluation has amplified this burden, leaving many business owners in Tunbridge Wells facing even greater financial pressure.
Beyond business rates, companies in Tunbridge Wells are contending with increasing costs for rent, mortgages, wages, and utilities. This challenging financial environment underscores the importance of ensuring your business rates are fair and accurate to help uncover potential savings.
Are Tunbridge Wells Businesses Overpaying on Rates?
Thousands of businesses in Tunbridge Wells have seen substantial RV increases since the revaluation. On average, business rates in the area rose by 18% in 2022 compared to the previous year. RVA Surveyors’ Managing Director, Anthony Hughes, has estimated that up to 50% of commercial properties in England and Wales could be overpaying on their business rates.
Achieve Savings with RVA Surveyors
RVA Surveyors have worked with over 47,000 properties across the UK, helping businesses reduce liabilities, secure backdated refunds, and improve financial accuracy. Whether you’re a property owner or tenant, their team can help ensure your business rates are reflective of a fair valuation.
Act Today
Reviewing your business rates could provide a significant financial boost to your enterprise. Beyond immediate savings, potential backdated refunds could further ease financial pressures. Don’t let unchecked costs hold your business back.
Contact RVA Surveyors today and secure the savings your business deserves.
