Business rates in Richmond have seen increases of over 19% for the office 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.
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.
Increase costs for businesses are piling up
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.
There are thousands of businesses in the Richmond catchment area
The overwhelming majority of which will have seen their RV increase exponentially since the revaluation. Business rates, such as in Richmond, rose by an average of 18% in 2022 alone, when compared to the previous year.
“Based on our findings,” Anthony Hughes, Managing Director, of RVA Surveyors said, “We estimate that as many as 50% of all commercial properties in England and Wales could be overpaying.”
Many are unaware that they can review or challenge their business rates
Richmond business rates payers could be overpaying thousands each year as a result.
Your business should not have to suffer for the governments stealth increase. At RVA Surveyors, we have engaged with over 47,000 properties to date. Whether you simply want to investigate if a reduction in your liability is possible, or need support with your tenancy agreements, we have experts on hand to help.
A reduction in your business rates could be an invaluable cash boost. The long-term benefits of receiving a reduction – or even potential backdated savings – could be vital.
Act now and speak to one of our saving specialists today.