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.
Torfaen County Borough Council (Cyngor Bwrdeistref Sirol Torfaen) is the local governing body responsible for the borough of Torfaen, one of the principal areas of Wales. Torfaen business rates are charged on most non-domestic premises. This includes most commercial properties such as office buildings and manufacturing firms, which make up the typical economy in the Torfaen region.
A typically large industry is the business administration and support sector, which can also be subject to business rates in Torfaen. Properties such as offices in the business administration and support 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.
Torfaen also relies heavily on the manufacturing sector, which accounts for 16.6% of employment in the Torfaen area. Torfaen business rates relief could apply to many businesses in the manufacturing sector. Another large contributor to the economy in the Torfaen area is the financial and insurance industry, which is one of the fastest-growing sectors in the region with a 43% increase in jobs between 2019 and 2020. Your business rates in Torfaen 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 Torfaen area. This means that unless RVA are able to find a reduction in your Torfaen 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 Torfaen and the rest of England and Wales.