West Lancashire Business Rates
Business rates in West Lancashire have seen increases of over 21% for the industrial sector alone, since the revaluation came into effect on the 1st of April 2023. Many other commercial property types also saw large increases in rateable value (RV).
The Valuation Office Agency (VOA) is the body that sets the rateable values for each revaluation. For the 2023 rating list, they valued all commercial properties in England and Wales at £70 billion per year. Roughly, this means that this tax will bring in around £30 billion in revenue this year alone and rise towards £35 billion in the next financial year.
Increase costs for businesses are piling up
According to the International Property Tax Institute (IPTI), business owners already paid the most expensive property taxes in the world in the previous rating list. Now, the VOA have raised the bar even higher, and business rates payers are feeling the pain of this seemingly upwards only, autocratic tax.
This is on top of other increases such as rent, commercial mortgages, wages, and utilities. The current climate makes it hard to find savings but ensuring that your tax is fair and accurate is one area that every commercial property owner or tenant should be look at.
Thousands of Businesses in West Lancashire Face Increases
Businesses in the West Lancashire catchment area are grappling with sharp rateable value (RV) increases following the 2023 revaluation. In 2022, business rates in the region surged by an average of 18% compared to the previous year, adding to the financial strain on local enterprises.
Anthony Hughes, Managing Director of RVA Surveyors stated. “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.” This underscores the importance of ensuring your business rates are accurate, as many companies may be unknowingly paying more than they should.
How RVA Surveyors Can Help West Lancashire Businesses
Many West Lancashire business owners are unaware that they can review or challenge their RVs. This oversight could result in thousands of pounds in unnecessary annual costs, further compounding the challenges posed by rising operational expenses.
At RVA Surveyors, we have worked with over 47,000 properties to date, helping businesses unlock potential savings on their business rates. Whether you’re interested in exploring reductions, need assistance with tenancy agreements, or want to ensure your liability is accurate, our team of experts is ready to help.
A reduction in your business rates could provide a vital cash boost, with potential backdated savings delivering further financial relief.
Contact RVA Surveyors today to learn how we can support your efforts to secure fair and accurate business rates.
