Many Orpington businesses will see a reduction in their rates bill following the 2023 revaluation.
Following the chancellor's announcement in the Autumn Statement that the 2023 revaluation would go ahead, new Rateable Values (RVs) - effective from April 1st 2023 - have now been published.
The average high street business has seen an RV decrease of 15%, with some shopping centre units dropping around 40%. This will mean a lower business rates bill for many Orpington businesses.
Around 75% of town centre businesses' RVs have reduced, with less than 10% increasing.
The Autumn statement also saw downwards transitional relief caps abolished (meaning businesses should see the benefit of a decrease in RV straight away), and the business rates multiplier was frozen - keeping the small business multiplier and standard multiplier at 49.9p and 51.2p respectively.
All this together with the extension and increase of the Retail, Hospitality & Leisure Relief to 75% for 2023/24 is good news for many (but not all) Orpington businesses.
Businesses can search for their new rateable value on the government's rates valuation finder by entering their property's postcode and clicking on their street address.
Orpington 1st BID has long campaigned on the issue of Business Rates and whilst this is welcome news for many, we will still push for reform of what is an antiquated and unfair tax.
For more information on how the Autumn Statement impacts Business Rates read the Government's Autumn Statement 2022: Business Rates Factsheet.