Empty properties can be a burden for business owners Not only do they signify lost revenue, but they also come with the added cost of business rates Business rates are taxes that commercial property owners have to pay to local authorities However, there are ways to avoid paying business rates on empty property In this article, we will discuss three strategies that can help you save money and make the most out of your vacant space.
1 Use the Small Business Rates Relief Scheme
One way to avoid paying business rates on empty property is by taking advantage of the Small Business Rates Relief scheme This scheme is designed to support small businesses and provides relief on business rates for properties with a rateable value below a certain threshold In England, this threshold is currently set at £15,000 This means that if your property has a rateable value below £15,000, you may be eligible for relief on your business rates.
To apply for Small Business Rates Relief, you will need to contact your local council and provide them with the necessary information about your property If your application is successful, you may be entitled to a discount of up to 100% on your business rates for a certain period of time This can be a great way to save money on empty property and reduce the financial burden of owning a vacant space.
2 Claim Empty Property Relief
Another way to avoid paying business rates on empty property is by claiming Empty Property Relief This relief is available to commercial property owners who have empty buildings that are not being used for business purposes avoiding business rates on empty property. In some cases, you may be entitled to a discount on your business rates of up to 100% for a certain period of time.
To claim Empty Property Relief, you will need to contact your local council and provide them with evidence that your property is empty and not being used for business purposes You may also need to prove that you have made efforts to market the property for rent or sale If your application is approved, you may be able to save money on business rates while you try to find a new tenant or buyer for your property.
3 Explore Exemptions and Discounts
In addition to Small Business Rates Relief and Empty Property Relief, there are other exemptions and discounts that you may be able to take advantage of to avoid paying business rates on empty property For example, if your property is undergoing major renovations or repairs, you may be eligible for a discount on your business rates Similarly, if your property is classified as a listed building or is located in a designated enterprise zone, you may be entitled to exemptions or discounts on your business rates.
To explore your options for exemptions and discounts, you can contact your local council or speak to a professional advisor who specializes in business rates They can help you understand the different relief schemes and exemptions that are available to you and advise you on the best course of action to take to reduce your business rates on empty property.
In conclusion, empty properties can be a financial burden for business owners, especially when it comes to paying business rates However, by using the Small Business Rates Relief scheme, claiming Empty Property Relief, and exploring other exemptions and discounts, you can avoid paying business rates on empty property and save money in the process Remember to stay informed about the relief schemes and exemptions that are available to you and take proactive steps to reduce your business rates on vacant properties With the right strategy and approach, you can make the most out of your empty property and turn it into a valuable asset for your business