Thanet Business Rates
Business rates in Thanet have risen significantly following the revaluation on April 1, 2023. The office sector alone has seen increases of over 13%, with many other commercial property types also experiencing substantial hikes in rateable value (RV).
The Valuation Office Agency (VOA), which oversees rateable values, has assessed the total value of all commercial properties in England and Wales at £70 billion per year under the 2023 rating list. This valuation is projected to generate £30 billion in revenue this year and rise to £35 billion in the next financial year.
High property taxes continue to strain UK businesses
According to the International Property Tax Institute (IPTI), businesses in the UK were already paying some of the highest property taxes globally under the previous rating list. With the recent revaluation, the financial strain on business rate payers in Thanet has grown even heavier, further challenging their ability to manage increasing costs.
In addition to higher business rates, companies in Thanet are also contending with rising rents, commercial mortgages, wages, and utility bills. The combination of these financial pressures makes it essential for businesses to explore every opportunity for savings. Reviewing business rates for accuracy and fairness is one practical way to ease this burden.
Thousands of Thanet Businesses Affected
The Thanet area is home to thousands of businesses, most of which have faced significant rateable value (RV) increases since the revaluation. In 2022 alone, business rates in the region rose by an average of 18% compared to the previous year. This increase mirrors the broader trend of rising property taxes.
Anthony Hughes, Managing Director of RVA Surveyors, has highlighted a critical issue: up to 50% of all commercial properties in England and Wales may be overpaying on their business rates. This alarming statistic suggests that many businesses in Thanet could be leaving substantial savings on the table.
Business Owners May Be Overpaying
Many business owners in Thanet may not be fully aware of their right to review or challenge their business rates. As a result, thousands of pounds may be unnecessarily overpaid each year. These funds could otherwise be reinvested into the business to support growth and stability.
With financial pressures rising, it’s essential for businesses to take proactive steps. Ensuring that business rates are accurate and fair is a practical way to reduce expenses and alleviate some of the financial burden.
How RVA Surveyors Can Help
At RVA Surveyors, we have worked with over 47,000 commercial properties across England and Wales. Our team specializes in helping businesses uncover potential savings, reduce their liabilities, and secure backdated refunds.
Our tailored solutions ensure that both property owners and tenants benefit from fair and accurate valuations. By taking control of your business rates, you can redirect resources to areas that matter most to your business.
Speak with one of our savings specialists today to explore your options.
