Wigan Business Rates
Business rates in Wigan have seen significant hikes, with the industrial sector alone experiencing increases of over 20% since the revaluation came into effect on 1 April 2023. Other commercial property types have also been impacted by substantial rises in rateable value (RV).
The Valuation Office Agency (VOA), responsible for setting RVs during each revaluation, estimated the total value of commercial properties across England and Wales at £70 billion per year for the 2023 rating list. This equates to approximately £30 billion in revenue for the current year, with a projected increase to £35 billion in the next financial year.
Rising Costs Place Strain on Businesses
According to the International Property Tax Institute (IPTI), UK businesses were already facing some of the highest property taxes globally during the previous rating list. With the latest revaluation, the burden has intensified, leaving many business ratepayers struggling under an “upwards-only” tax model.
In addition to rising business rates, Wigan enterprises are contending with escalating costs across other areas, including rent, commercial mortgages, wages, and utilities. Amidst this challenging climate, ensuring that business rates are accurate and fair is a critical step that property owners and tenants should not overlook.
Wigan Businesses See Rateable Value Increases
Thousands of businesses in the Wigan area have been affected by substantial RV increases since the revaluation. In fact, Wigan business rates rose by an average of 18% in 2022 compared to the previous year, placing further pressure on local companies.
Anthony Hughes, Managing Director of RVA Surveyors, commented: “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Despite these increases, many Wigan business owners remain unaware that they have the option to review or challenge their RVs. This oversight could mean thousands of pounds are being overpaid each year, unnecessarily draining financial resources.
Act Today to Secure Potential Savings
At RVA Surveyors, we’ve worked with over 47,000 properties, helping businesses secure reductions in their business rates liability. Whether you’re seeking clarity on potential savings or support with tenancy agreements, our team of experts is here to assist. A reduction in business rates could offer vital cash flow relief, with backdated savings providing additional financial stability.
Speak to RVA Surveyors today and explore how our tailored solutions can help you ensure accurate and fair rates.
