West Berkshire Business Rates
Business rates in West Berkshire have increased by over 45% for the office sector alone since the revaluation on 1st April 2023. Many other commercial property types in the region have also experienced significant hikes in rateable value (RV). The Valuation Office Agency (VOA), responsible for setting RVs, estimates that all commercial properties in England and Wales now collectively value at £70 billion annually. This tax is projected to bring in £30 billion in revenue this year, rising to £35 billion in the next financial year.
Costs for West Berkshire Businesses
The International Property Tax Institute (IPTI) has identified the UK as one of the most expensive countries for property taxes globally. The 2023 revaluation further adding these costs, leaving West Berkshire business owners struggling to cope with escalating financial obligations under an increasingly tax system.
In addition to rising business rates, companies in West Berkshire are burdened by increasing expenses in areas such as rent, wages, utilities, and commercial mortgages. In such a challenging economic environment, identifying opportunities for savings, such as ensuring your business rates are accurate, is more important than ever.
There are thousands of businesses in the West Berkshire area
The overwhelming majority of which will have seen their RV increase exponentially since the revaluation. Business rates, such as in West Berkshire, 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
West Berkshire business rates payers 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.
