When it comes to owning commercial property, one of the biggest expenses that owners face is business rates These rates are taxes that are paid on non-domestic properties and are based on the rateable value of the property However, property owners can apply for business rate relief for empty properties to help reduce this financial burden.
Business rate relief for empty properties is a scheme that allows property owners to temporarily reduce or eliminate the amount of business rates they have to pay on a property that is unoccupied This relief can be a significant financial benefit for property owners who are struggling to find tenants for their empty properties or are in the process of renovating or redeveloping a property.
There are several different types of business rate relief for empty properties available to property owners, each with its own criteria and benefits The most common types of relief include:
1 Empty Property Relief: This is a type of relief that provides a 100% discount on business rates for properties that have been empty for a certain period of time The length of time that a property must be empty before it qualifies for this relief varies depending on the local authority, but it is usually around three or six months.
2 Listed Building Relief: If the property is a listed building, property owners may be eligible for additional relief on top of the standard empty property relief This can provide up to 100% relief on the business rates for listed buildings that are unoccupied.
3 Small Business Rate Relief: This relief is available to small businesses that occupy properties with a rateable value below a certain threshold If a property owner is eligible for small business rate relief but the property is empty, they may still be able to claim relief on the property.
4 business rate relief empty properties. Charitable Rate Relief: If a property is owned by a registered charity and is unoccupied, the charity may be eligible for relief on the business rates for that property This relief can be as high as 80% of the full business rates.
To apply for business rate relief for empty properties, property owners typically need to contact their local council and provide evidence that the property is unoccupied This can include things like photographs of the property, utility bills showing that no one is using the property, or evidence of ongoing renovation or repair work Property owners may also need to provide information about their plans for the property, such as when they expect it to become occupied again.
It is important for property owners to be proactive in applying for business rate relief for empty properties, as the relief is not automatically granted Property owners may need to reapply for relief each year or provide updates on the status of the property to continue receiving relief.
In addition to applying for business rate relief for empty properties, property owners can also take steps to minimize their business rates in other ways For example, property owners can challenge the rateable value of their property if they believe it is incorrect, which can help to lower their business rates Property owners can also apply for other types of business rate relief, such as rural rate relief or enterprise zone relief, if they meet the eligibility criteria.
Overall, business rate relief for empty properties can be a valuable financial benefit for property owners who are struggling with the costs of owning unoccupied commercial properties By taking advantage of the available relief schemes and being proactive in applying for relief, property owners can maximize their savings and reduce the financial burden of empty properties.
In conclusion, property owners should explore their options for business rate relief for empty properties and take advantage of the relief schemes that are available to them By applying for relief and taking steps to minimize their business rates in other ways, property owners can save money and reduce the financial impact of owning unoccupied commercial properties.