Small businesses are the backbone of our economy, driving innovation, creating jobs, and boosting local communities However, running a small business comes with its challenges, one of which is the burden of business rates Business rates are a tax on non-residential properties, including shops, offices, and factories For small businesses operating out of empty properties, the cost of business rates can be especially burdensome Fortunately, there is a scheme in place to provide relief for small businesses facing this issue – Small Business Rates Relief (SBRR) for empty properties.
SBRR is a government scheme designed to support small businesses by providing relief on their business rates The scheme applies to businesses in England, Scotland, and Wales, and can provide significant savings for eligible businesses However, many small business owners are unaware of the relief available to them, particularly when it comes to empty properties In this article, we will explore how small business owners can maximize their relief under SBRR for empty properties.
Firstly, it is important to understand the eligibility criteria for SBRR To qualify for SBRR, a property must be occupied and used for business purposes However, there are specific provisions for empty properties Small businesses that move out of a property due to financial hardship or to relocate to a smaller premises may still be eligible for relief on their empty property Additionally, properties that are undergoing refurbishment or are temporarily unoccupied may also qualify for relief under SBRR.
Once eligibility is established, small business owners can apply for SBRR through their local council The amount of relief available will depend on the rateable value of the property Properties with a rateable value of under a certain threshold may be eligible for 100% relief, while those with a rateable value above the threshold may be eligible for a tapered relief small business rates relief empty property. Small business owners should check with their local council to determine the rateable value of their property and the relief they may be entitled to.
In order to maximize relief under SBRR for empty properties, small business owners should consider the following tips:
1 Keep the property secure and well-maintained: One of the conditions for receiving relief on empty properties is that the property must be kept in a good state of repair Small business owners should ensure that the property is secure, clean, and well-maintained to demonstrate that it is being actively looked after.
2 Provide evidence of efforts to re-let or sell the property: Small business owners can further enhance their chances of receiving relief by providing evidence of efforts to re-let or sell the property This could include advertising the property, engaging with potential tenants or buyers, or seeking advice from property professionals.
3 Seek professional advice: Navigating the complexities of business rates relief can be challenging for small business owners Seeking advice from a chartered surveyor or property consultant can help small business owners understand their eligibility for relief and maximize their savings.
4 Keep records of financial hardship or relocation: Small business owners who have moved out of a property due to financial hardship or to relocate to a smaller premises should keep records of their circumstances Providing evidence of financial difficulties or a genuine need to relocate can strengthen their case for relief under SBRR.
By following these tips, small business owners can maximize their relief under SBRR for empty properties and reduce the financial burden of business rates In addition to providing relief for small businesses, SBRR for empty properties also helps to stimulate economic growth by encouraging the productive use of empty properties and supporting local businesses.
In conclusion, small business rates relief for empty properties is a valuable scheme that provides much-needed support to small businesses facing the burden of business rates By understanding the eligibility criteria, providing evidence of efforts to re-let or sell the property, seeking professional advice, and keeping records of financial hardship or relocation, small business owners can maximize their relief under SBRR Ultimately, maximizing relief for empty properties not only benefits small businesses but also contributes to the overall economic development of local communities.