Empty property can be a burden for business owners, especially when they are faced with the additional expense of business rates Business rates are local taxes that are charged on most non-domestic properties, including shops, offices, factories, and warehouses It can be a significant cost for businesses, particularly when they are not generating any income from the property.
However, there are ways to avoid or reduce business rates on empty property By following these tips, business owners can save money and alleviate the financial strain of paying rates on a property that is not being used.
1 Small Business Rate Relief
One way to reduce business rates on empty property is to apply for Small Business Rate Relief This is a government scheme that provides relief for businesses with only one property and a rateable value below a certain threshold If the property is empty, the relief still applies, as long as it meets the criteria for small business rate relief.
Business owners should check with their local council to see if they are eligible for Small Business Rate Relief and how to apply This could result in a significant reduction in the amount of business rates that they have to pay on their empty property.
2 Temporary Exemption
Another way to avoid business rates on empty property is to take advantage of temporary exemptions In certain circumstances, properties can be exempt from business rates for a period of time, such as when they are undergoing refurbishment or are unable to be occupied due to structural issues.
Business owners should check with their local council to see if their empty property qualifies for a temporary exemption By taking advantage of this exemption, they can save money on business rates while they work to bring the property back into use.
3 Charity Relief
If a business property is empty and being held for charitable purposes, it may be eligible for charity relief on business rates avoiding business rates on empty property. This relief applies to properties that are owned by registered charities and are used for charitable purposes, even if they are empty.
Business owners should contact their local council to see if their empty property qualifies for charity relief By doing so, they can potentially avoid paying business rates altogether on the property.
4 Vacant Property Relief
Vacant Property Relief is another way to reduce or avoid business rates on empty property This relief applies to properties that have been empty for a certain period of time, usually three months or more Business owners can apply for Vacant Property Relief to reduce the amount of business rates they have to pay on their empty property.
To qualify for Vacant Property Relief, business owners must provide evidence that the property has been empty for the required period of time They should contact their local council to apply for this relief and find out how much they can save on business rates.
5 Business Rates Mitigation
For business owners who are struggling to pay business rates on empty property, there are companies that specialize in business rates mitigation These companies work with business owners to find ways to reduce their business rates liability, including on empty property.
Business rates mitigation companies can help business owners navigate the complex world of business rates and find ways to save money on their empty property While there may be fees associated with their services, the potential savings could outweigh the costs.
In conclusion, there are several ways for business owners to avoid or reduce business rates on empty property By taking advantage of relief schemes, exemptions, and mitigation services, business owners can save money and alleviate the financial burden of paying business rates on a property that is not generating any income With careful planning and guidance from experts, business owners can successfully navigate the world of business rates and save money on their empty property.