Wakefield Council Business Rates
Council business rates in Wakefield have seen significant increases, with the industrial sector alone experiencing a rise of over 23% since the 1st of April 2023 revaluation. Many other commercial property types have also faced sharp increases in rateable value (RV).
The Valuation Office Agency (VOA) determines RVs for all revaluations. For the 2023 list, the VOA valued commercial properties in England and Wales at £70 billion annually. This new valuation is projected to generate £30 billion in revenue this year, increasing to £35 billion in the next financial year.
Wakefield Businesses Struggling
Wakefield businesses are grappling with mounting expenses, including council business rates, rent, commercial mortgages, wages, and utilities. The rising financial burden makes it increasingly difficult for businesses to find cost-saving opportunities. Ensuring your business rates are accurate and fair is an essential step toward relieve some of this pressure.
Wakefield’s commercial property landscape has been hit hard. In 2022 alone, council business rates in the area rose by an average of 18% compared to the previous year. Thousands of businesses in the region have seen their rateable values soar since the 2023 revaluation, adding to the financial strain.
There are thousands of businesses in the Wakefield area
The overwhelming majority of which will have seen their RV increase exponentially since the revaluation. Council business rates in Wakefield, rose by an average of 18% in 2022 alone, when 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.”
Many are unaware that they can review or challenge their business rates
Wakefield businesses could be overpaying thousands each year as a result.
Your business should not have to suffer for the governments stealth increase. At RVA Surveyors, we have engaged with over 47,000 properties to date. Whether you simply want to investigate if a reduction in your liability is possible, or need support with your tenancy agreements, we have experts on hand to help.
A reduction in your business rates could be an invaluable cash boost. The long-term benefits of receiving a reduction – or even potential backdated savings – could be vital.
Act now and speak to one of our saving specialists today.
