As a business owner, dealing with empty property can be a costly endeavor. Not only do you have to cover the costs of maintaining the property, but you may also be required to pay business rates on the empty space. However, there are ways to avoid these rates and save your business money. In this article, we will discuss strategies for avoiding business rates on empty property.
One of the most common reasons why businesses have to pay rates on empty property is because they are considered non-domestic or commercial premises. Non-domestic rates are charged on most business properties, such as shops, offices, warehouses, and factories. This means that if your business premises are empty, you may still be liable to pay rates on the property.
However, there are certain exemptions and reliefs available that can help you avoid paying business rates on empty property. One common exemption is the Small Business Rate Relief. This relief is available to businesses that only use one property and have a rateable value of less than £12,000. If you qualify for this relief, you may be exempt from paying rates on your empty property.
Another way to avoid paying business rates on empty property is by applying for the Empty Property Rate Relief. This relief is available to properties that have been empty for at least three months. By applying for this relief, you may be able to get a discount on the rates you have to pay on your empty property. However, it’s important to note that this relief is only temporary and may not last indefinitely.
Furthermore, if you are planning to refurbish or redevelop your empty property, you may be able to apply for the Renovation Relief. This relief can provide you with a discount on your rates while you work on improving the property. This can be a great option if you are planning to bring the property back into use or if you are looking to attract new tenants.
It’s also worth noting that if your property is listed or has a historical significance, you may be eligible for the Listed Building Rate Relief. This relief can provide you with a discount on the rates you have to pay on your empty property. However, you will need to provide evidence of the property’s listed status in order to qualify for this relief.
In some cases, you may also be able to avoid paying business rates on your empty property by seeking out advice from a professional. There are consultants and surveyors who specialize in helping businesses reduce their rates bills. By working with a professional, you may be able to identify additional reliefs and exemptions that you may qualify for.
Finally, it’s important to consider the implications of leaving your property empty for an extended period of time. While avoiding rates on empty property can save you money in the short term, it’s important to think about the long-term impact of keeping your property vacant. Empty properties can attract vandalism, squatting, and other security risks. By taking steps to bring the property back into use, you can not only avoid paying rates but also protect your investment in the property.
In conclusion, there are a number of ways to avoid paying business rates on empty property. Whether you qualify for relief, are planning renovations, or seek professional advice, there are options available to help you save money on your rates bill. By exploring these strategies and taking proactive steps, you can minimize the financial burden of empty property and protect your business’s bottom line.