Winchester Business Rates
Winchester businesses have faced notable increases in their business rates, with the office sector experiencing a 17% rise following the revaluation on 1 April 2023. Other commercial property types have also seen significant hikes in their rateable values (RV).
The Valuation Office Agency (VOA), which determines RVs during revaluations, has placed the total value of commercial properties in England and Wales at £70 billion annually for the 2023 rating list. This tax is projected to generate approximately £30 billion in revenue this year, with further increases expected to push this figure to £35 billion in the next financial year.
UK Businesses Affected by Business Rates
The International Property Tax Institute (IPTI) highlights that UK business owners already faced some of the highest property taxes globally before this revaluation. The recent increases have intensified this burden, leaving many business ratepayers in Winchester struggling to manage the financial impact of these changes.
In addition to business rates, enterprises in Winchester are grappling with rising expenses such as rent, commercial mortgages, wages, and utilities. In this challenging financial climate, ensuring that business rates are accurate and fair presents an opportunity for significant savings.
Rateable Value Increase for Winchester Businesses
Winchester’s catchment area encompasses thousands of businesses, many of which have seen exponential increases in their RVs. In 2022 alone, business rates in Winchester rose by an average of 18% compared to the previous year, further compounding financial pressures.
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.”
Many business owners in Winchester remain unaware of their ability to review or challenge their rateable values. This could mean that local businesses are unnecessarily overpaying by thousands of pounds each year.
Supporting Your Winchester Business Rates?
RVA Surveyors has helped over 47,000 properties identify opportunities for reductions in their business rates liability. Whether you’re looking to explore potential savings or require guidance with tenancy agreements, our team of experts is here to assist.
A reduction in business rates could provide essential financial relief, including potential backdated savings that offer even greater long-term benefits.
Act now and speak to one of our saving specialists today.
