Watford Business Rates
Business rates in Watford have surged by over 60% for the office sector alone since the 1st April 2023 revaluation. Other commercial property types have also faced steep increases in their rateable values (RV).
The Valuation Office Agency (VOA), responsible for setting RVs, has valued all commercial properties in England and Wales at £70 billion annually for the 2023 rating list. This tax is expected to generate approximately £30 billion this year, climbing to £35 billion next year.
Increasing Costs Add to Watford Businesses’ Challenges
The International Property Tax Institute (IPTI) notes that UK businesses were already paying some of the highest property taxes globally under the previous rating list. The latest changes by the VOA have heightened financial pressures on business rate payers, leaving many feeling the strain of this seemingly one-sided system.
Beyond business rates, companies in Watford are facing increased expenses in other areas, including rent, commercial mortgages, wages, and utility bills. In today’s economic climate, identifying areas for savings is crucial. Reviewing and ensuring accurate business rates is one way for commercial property owners and tenants to reduce costs.
Thousands of Watford Businesses Affected
The majority of businesses in Watford have seen significant hikes in their rateable values following the revaluation. On average, business rates in the area rose by 18% in 2022 compared to the previous year, further straining local enterprises.
According to Anthony Hughes, Managing Director of RVA Surveyors, “As many as 50% of all commercial properties in England and Wales could be overpaying on their business rates.” Many businesses in Watford are unaware that they can review or challenge their RVs and may be losing thousands each year as a result.
How RVA Surveyors Can Help Reduce Your Business Rates
RVA Surveyors has already assisted over 47,000 commercial properties in reviewing and potentially reducing their business rates. Whether you’re seeking to investigate possible savings or need help navigating tenancy agreements, our team of experts can guide you through the process.
A reduction in your business rates could provide your business with a crucial financial boost. Potential backdated savings can further ease the burden and help your enterprise thrive.
Contact RVA Surveyors today and let our specialists review your business rates.
