Business rates have now increased – act now to reduce your liability

On 1 April 2023, the new Rating List as part of Revaluation 2023 went live.

This means that all businesses now have a new rateable value (RV) which will affect what they have to pay in business rates over the next three years.

Your business rates for the next rating period (2023-2026) are calculated by multiplying the RV of your property by a formula called the ‘Multiplier’.

On average, RVs have increased by some 7.1% on the last rating period.

This means that most, but not all, businesses will be paying more in business rates. Indeed, for some sectors such as industrial, this will be significantly more.

The RV for industrial and logistics occupiers in England and Wales has gone up by 27.1% on average, meanwhile for office occupiers this is 10.2% and retail is down -10%.

Review the average increase in rateable value in your area

However, many rating assessments can be incorrect, resulting in businesses paying more than they should. This can be for a variety of reasons, including incorrect or inaccurate valuations of business premises.

Now that the new Rating List is live, it is time to make sure that you are not paying more than you should. And we can help.

Vail Williams can challenge your rateable value

Working with you, our business rates experts based across the UK, can act now to review and ‘challenge’ your new Rateable Value with the Valuation Office Agency (VOA), if we believe that there are potential inaccuracies, with potentially significant savings.

We can also explore the full range of business rates reliefs that are available to you, including any historical savings that can be recovered, and will work with the VOA on your behalf to regularise your position.

Get in touch now to request a no obligation call back from our team.