Business Rates in Vale of Glamorgan
In the Vale of Glamorgan/Bro Morgannwg, business rates for the office sector have seen an increase of over 10% since the April 2023 revaluation. Other commercial properties have also been impacted, with rateable values (RVs) climbing across the board.
These values, set by the Valuation Office Agency (VOA), contribute to an estimated £30 billion in tax revenue this year, projected to rise to £35 billion in the next financial year.
UK Business Tax Increases
The International Property Tax Institute (IPTI) highlights that the UK’s property tax burden is among the highest globally. This revaluation has compounded an already challenging situation for businesses in the Vale of Glamorgan.
Alongside rising business rates, local businesses are facing additional pressures, including increased rents, commercial mortgage rates, utilities, and wages. In such an environment, reviewing and ensuring accurate business rates could help identify crucial savings.
Impact Across the Vale of Glamorgan Businesses
Thousands of businesses in the Vale of Glamorgan/Bro Morgannwg have seen significant RV increases. For instance, business rates in the area rose by an average of 18% in 2022, marking a substantial jump from previous years.
Anthony Hughes, Managing Director of RVA Surveyors, noted: “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Many businesses in the Vale of Glamorgan remain unaware of their right to challenge or review their RVs. This lack of action could mean thousands of pounds in unnecessary overpayments each year.
Act Now and Review Your Business Rates
RVA Surveyors has supported over 47,000 properties in securing fair business rates. Whether you’re seeking backdated savings, liability reductions, or help with tenancy agreements, our experts are ready to assist.
Reducing business rates could provide a much-needed financial boost, helping businesses in the Vale of Glamorgan address ongoing economic pressures. Potential backdated savings add further value to this process.
Contact RVA Surveyors today to explore your options and secure potential savings for your business in the Vale of Glamorgan/Bro Morgannwg.
