Business Rates in Wrexham
In Wrexham/Wrecsam, the industrial sector has seen business rates increase by over 12% since the April 2023 revaluation. The Valuation Office Agency (VOA) revalued commercial properties across England and Wales, resulting in a total valuation of £70 billion per year.
This substantial change is expected to generate £30 billion in tax revenue for the current year, with projections to rise to £35 billion in the next financial year.
UK Business Rates Among the World’s Highest
The International Property Tax Institute (IPTI) reports that UK business owners already faced the world’s highest property taxes. With the VOA’s recent revaluation, businesses in Wrexham are feeling the strain of these increasing costs.
In addition to higher business rates, Wrexham enterprises are grappling with other rising expenses, such as rents, wages, utilities, and commercial mortgage rates. Ensuring fair and accurate business rates could uncover valuable savings during these challenging times.
Wrexham Businesses Affected by Increases
Thousands of businesses across Wrexham/Wrecsam have experienced significant increases in their rateable values. In 2022 alone, business rates surged by an average of 18%, intensifying the pressure on local companies.
“Based on our findings,” says Anthony Hughes, Managing Director of RVA Surveyors, “as many as 50% of commercial properties in England and Wales may be overpaying on their rates.” Wrexham businesses could potentially recover thousands in overpayments.
Could You Be Paying Too Much on Business Rates?
Many Wrexham business owners remain unaware that they can review or challenge their rateable values. Taking action could lead to substantial savings and reduce financial strain.
With over 47,000 properties assisted to date, RVA Surveyors specialise in identifying savings opportunities for businesses. Whether you’re looking for backdated reductions or tenancy agreement support, our experts can guide you.
Contact RVA Surveyors now to ensure your liabilities are accurate and explore the potential for backdated savings.
