As a property owner or landlord, one of the last things you want to deal with is paying business rates on an empty property The financial burden of such rates can be significant, especially when your property is not generating any income However, there are several strategies you can implement to legally avoid or reduce the amount of business rates you have to pay on empty property.
One of the most effective ways to avoid business rates on empty property is by taking advantage of the Small Business Rate Relief (SBRR) scheme This scheme allows businesses with a rateable value below a certain threshold to apply for relief on their business rates If your empty property falls under this threshold, you may be eligible for relief or even a complete exemption from paying business rates.
Another option is to apply for the Empty Property Rate Relief This relief reduces the amount of business rates you have to pay on an empty property for a specified period of time The length of this relief period varies depending on the type of property and local council policies Some councils offer up to three or six months of relief, while others provide relief for up to a year or even longer.
It is important to note that not all empty properties are eligible for Empty Property Rate Relief Generally, properties that are unoccupied and unfurnished qualify for this relief, while properties that are in use or undergoing renovation do not Additionally, properties that have been empty for an extended period may not be eligible for relief Make sure to check with your local council to determine if your empty property qualifies for Empty Property Rate Relief.
One of the simplest ways to avoid paying business rates on empty property is by actively marketing and renting out the property By finding a tenant or buyer for your property, you can generate income and avoid the financial burden of empty property rates avoiding business rates on empty property. It is important to keep in mind that actively marketing the property means more than just putting up a “For Sale” or “To Let” sign You may need to engage in online and offline advertising, work with a real estate agent, and actively pursue potential tenants or buyers.
If renting out the property is not a viable option, you may consider using the property for another purpose to avoid paying business rates on it For example, you could use the empty property as storage space for your business inventory or equipment By repurposing the property in this way, you may be able to claim relief or exemption from business rates Make sure to check with your local council to ensure that your proposed use of the property qualifies for relief.
In some cases, you may be able to reduce the amount of business rates you have to pay on an empty property by negotiating with your local council Councils have the authority to grant discretionary rate relief, which allows them to reduce or waive business rates on a case-by-case basis If you can demonstrate that paying the full amount of business rates would cause financial hardship or significant detriment to your business, the council may consider offering relief or a reduction in rates.
It is important to keep in mind that avoiding or reducing business rates on empty property requires careful planning and proactive measures By taking advantage of the available relief schemes, actively marketing the property, repurposing the property for another use, and negotiating with the local council, you can minimize the financial burden of empty property rates Remember to stay informed about the eligibility criteria and application process for each relief scheme, and seek professional advice if necessary.
In conclusion, there are several strategies you can implement to avoid paying business rates on empty property Whether you qualify for Small Business Rate Relief, Empty Property Rate Relief, or discretionary rate relief, it is important to explore all options and take proactive steps to minimize the financial burden of empty property rates By carefully managing your empty property and seeking relief where available, you can maximize savings and protect your bottom line.