Isle of Wight Business Rates

Business Rates (also known as non-domestic rates) are a tax levied by the government on all commercial premises. The Rateable Value of a property is set by the Valuation Office Agency (VOA) and collected by your local authority.

The Isle of Wight Council is the unitary authority responsible for governance of The Isle of Wight. It is currently made up of thirty-nine seats. It is a metropolitan district council – one of thirty-six across England. The Isle of Wight council business rates are charged on most non-domestic premises. This includes most commercial properties such as retail shops and warehouses, which make up the typical economy in The Isle of Wight region.

A typically large industry is the tourism sector, which can also be subject to business rates in The Isle of Wight. Properties such as restaurants and retail shops in the tourism sector can be incorrectly valued as usually their use can change over many years, and information may not have been updated with the VOA. This can have a huge impact on business running costs, as business rates can be in the top five costs for a business.

The Isle of Wight also relies heavily on the marine and maritime sector, which contributes to 20.5% of The Solent’s Gross Value Added (GVA). The Isle of Wight council business rates relief could apply to many businesses in the marine and maritime sector. Another large contributor to the economy in The Isle of Wight is the accommodation and food services industry, which between 2019 and 2020, accounted for approximately 7,000 jobs. Your business rates in The Isle of Wight can be affected by any disruption or adverse access to your property and backdated savings could apply to the beginning of the Ratings List.

RVA Surveyors offers a ‘no reduction, no fee’ service, giving reassurance to all businesses when tackling their business rates in The Isle of Wight. This means that unless RVA are able to find a reduction in your The Isle of Wight business rates, there is no cost to the business. Whether commercial property owners or tenants, RVA are able to help business rates payers achieve reductions in their business rates across The Isle of Wight and the rest of England and Wales.

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Isle of Wight June 17, 2022