Empty properties can be a burden for business owners, especially when it comes to paying business rates for a property that is not generating any income However, there are several ways in which business owners can take advantage of business rate relief for empty properties to alleviate some of the financial strain In this article, we will explore the various options available to business owners and provide tips on how to maximize business rate relief for empty properties.
One of the main ways in which business owners can benefit from business rate relief for empty properties is through the Small Business Rate Relief (SBRR) scheme This scheme allows small businesses with properties with a rateable value below a certain threshold to receive a discount on their business rates In England, for example, businesses with a rateable value of £12,000 or less can receive 100% relief on their business rates, while those with a rateable value between £12,001 and £15,000 can receive tapered relief.
To qualify for SBRR, the property must be used for business purposes and be unoccupied This means that business owners who have temporarily closed their businesses or are in the process of moving to a new location can still benefit from this relief It is important to note that empty properties that are not used for business purposes, such as residential properties or properties that are being renovated, do not qualify for SBRR.
Another way in which business owners can maximize business rate relief for empty properties is through the Empty Property Relief (EPR) scheme This scheme allows business owners to receive relief on their business rates for properties that have been empty for a certain period of time In England, for example, properties that have been empty for more than three months are eligible for 100% relief for the first three months and 50% relief thereafter.
To qualify for EPR, the property must be unoccupied and unfurnished This means that business owners who are renovating their properties or waiting for new tenants to move in can still benefit from this relief business rate relief empty properties. It is important to note that properties that are empty due to structural repairs or redevelopment work may also qualify for EPR, provided that the local council has granted a formal exemption.
In addition to SBRR and EPR, business owners can also benefit from other forms of business rate relief for empty properties, such as the Retail Rate Relief scheme This scheme allows retail businesses with properties with a rateable value below £51,000 to receive a discount on their business rates The amount of relief varies depending on the rateable value of the property, with businesses with a rateable value below £15,000 eligible for 100% relief.
To qualify for Retail Rate Relief, the property must be used for retail purposes and be unoccupied This means that businesses that have temporarily closed their retail stores or are in the process of relocating can still benefit from this relief It is important to note that properties that are not used for retail purposes, such as warehouses or offices, do not qualify for this relief.
In order to maximize business rate relief for empty properties, business owners should ensure that they are aware of all the relief schemes available to them and take advantage of any opportunities to reduce their business rates This may involve keeping detailed records of the occupancy status of their properties, applying for relief schemes in a timely manner, and seeking advice from a professional adviser if needed.
Overall, business rate relief for empty properties can provide much-needed financial assistance to business owners who are struggling to pay their business rates on properties that are not generating any income By taking advantage of the various relief schemes available and following the necessary steps to qualify for relief, business owners can maximize their savings and alleviate some of the financial burden associated with empty properties.
In conclusion, maximizing business rate relief for empty properties can help business owners reduce their financial burden and free up resources to invest in other areas of their business By staying informed about the relief schemes available and taking proactive steps to qualify for relief, business owners can ensure that they are making the most of the opportunities to save on their business rates.