12.3 C
Lancashire
Tuesday, June 18, 2024

What Does the Valuation Office Agency Consultation on Business Rates Really Mean? RVA Surveyors Offer Insight

Managing Director of RVA Surveyors, Anthony Hughes, has shared comment on how The Valuation Office Agency’s (VOA) online consultation with the public on freedom of business rates information will affect businesses.

Whether landlords, business owners or leaders, ratepayers and many more, the VOA have asked the public to put forward their opinion. Particularly, on three specific areas: what extra information should be provided, what is needed to judge if a valuation is accurate and fair, and what is considered sensitive data.

As the cost of running a business – from energy prices, wages, to supply issues – rises, taxes and interest rates have risen too in an effort to control inflation. For commercial property owners/tenants/landlords perhaps the most prevalent of this is the commercial property tax known as business rates. Although studies published in 2022 have found that excessive corporate profits have driven almost 59% of inflation throughout the cost-of-living crisis in the UK alone.

Business Rates Have Stayed at the Forefront of a Business’s Costs.

More frequent valuations however have often been a hotly debated topic when it comes to overhauling the UK’s business rates tax system. Perhaps this is the ultimate subject of the VOA’s current venture. A survey in which to determine the popularity of more frequent valuations, as well as other concerns people may have about this particular tax.

“Overhauling the business rates tax system is a very, very frequent discussion.” Anthony Hughes, Managing Director of RVA Surveyors, explains.

“Many believe that more frequent valuations will do the trick, however this is only part of it. A commercial property’s space and usage can change in value, an increase, or a decrease. This then affects what business rates you pay on that property. Unless physical, on-site inspections are conducted on every commercial property to ensure accuracy, the VOA cannot guarantee a fair tax.

The VOA employs almost four thousand people. Roughly half of these are surveyors. It is well within their ability and manpower to conduct physical inspections on every commercial property in a three-year rating list.”

For more information, visit: https://www.rvasurveyors.com/

spot_imgspot_img

Latest

Scott Dylan on AI’s Future: Ethical Challenges and Real-World Impact

Scott Dylan discusses the ethical aspects and transformative potential...

US Open 2024: DeChambeau beats McIlroy with golf ‘shot of life’

Bryson DeChambeau said he had hit "the shot of...

Five effective PR strategies for care home providers revealed

In the competitive social care landscape, care home providers...

Best Horse Racing Betting Apps In The UK – June 2024

If you are looking for the top horse racing...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

What are the costs associated with divorce?

There’s a lot to think about when splitting from...

Best Horse Racing Betting Apps In The UK – June 2024

If you are looking for the top horse racing...

Chief executive to leave Lancashire County Council

The chief executive at Lancashire County Council is moving...

Paris Olympics: Nadal and Alcaraz to pair up for doubles

Spanish duo Rafael Nadal and Carlos Alcaraz will pair...

More News

How to keep your banking details safe online

With online banking at our fingertips, it’s never been more important to safeguard personal and financial information. With cyber threats becoming more sophisticated and...

Xelix Unveils Helpdesk, a Gen AI Solution for Streamlined Vendor Query Management

Xelix, a leading provider of Accounts Payable and Procure-to-Pay software, proudly announces the launch of its newest solution, Helpdesk. Helpdesk is designed for enterprises dealing...

Fuuse Closes £8.7m Series A Funding Round to Accelerate EV Charging Expansion

Fuuse, the UK’s premier electric vehicle charge point management platform, has secured significant funding to fuel its next stage of growth across the UK...