Business rates in the UK, including Preston and Lancashire, can be a significant cost for business owners. Business rates, also known as non-domestic rates, are taxes that businesses pay on their commercial properties. These rates are set by the government and are based on the value of the property.

The amount of Business Rates that a business owner pays depends on various factors, such as the size and location of the property, the type of business, and the rental value of the property. In Preston and Lancashire, the Business Rates can vary depending on the area, and they are determined by the local council.

According to recent statistics, around 1.8 million business properties in the UK are liable for Business Rates, and the total amount of revenue generated from Business Rates in the UK is around £25 billion. In Lancashire alone, the total revenue generated from Business Rates is around £800 million, which is a significant amount for business owners to bear.

Unfortunately, there have been instances of business rate scammers, who prey on vulnerable business owners and offer to reduce their Business Rates in exchange for a fee. These scams can result in business owners losing a significant amount of money, and it’s essential to be vigilant when dealing with any offers related to Business Rates.

At Ken Batty Chartered Surveyors, we understand the importance of accurate and fair Business Rates for our clients. We offer professional surveying services to help businesses determine the correct rateable value of their properties and ensure that they are paying the correct amount of Business Rates. Our team of experienced Surveyors can provide guidance on the appeals process and assist clients in reducing their Business Rates legally.

Business Rates in 2023 & Preston summarised:

• Business rates in the UK are calculated every five years based on the rental value of the property.
• The next Business Rates revaluation in England will be effective from 1 April 2023.
• This revaluation will reflect the rental values of properties as of 1 April 2021.
• The previous revaluation in 2017 resulted in an average increase of 9% in Business Rates across England.
• In 2022, the government announced a Business Rates holiday for retail, hospitality, and leisure businesses in England for the financial year 2022-23.

In conclusion, Business Rates can be a significant expense for businesses in Preston, Lancashire, and the UK. It’s crucial for business owners to understand the rates and ensure that they are paying the correct amount. At Ken Batty Chartered Surveyors, we provide reliable and trustworthy surveying services to help businesses navigate the complex world of Business Rates and reduce their costs legally. Contact us for more information.