Business rates relief for vacant property is a topic that is of great interest to property owners who are facing the challenge of keeping their properties empty for extended periods With the economic challenges brought about by the global pandemic, many businesses have been forced to close down, leaving behind vacant premises This has led to an increase in the number of properties being left empty and incurring hefty business rates bills.
However, there are ways in which property owners can maximize the business rates relief available to them for vacant properties By understanding the various relief schemes and taking advantage of them, property owners can significantly reduce the financial burden of keeping their properties empty In this article, we will explore some of the key relief options available and provide tips on how to make the most of them.
One of the most common forms of business rates relief for vacant property is the Empty Property Relief scheme Under this scheme, properties that have been unoccupied for a certain period are entitled to a reduction in their business rates bill The amount of relief varies depending on the local council’s policies, but it can range from 50% to 100% of the full rates bill Property owners should check with their local council to find out the specific relief available in their area.
Another key relief option for vacant properties is the Small Business Rate Relief scheme This scheme is aimed at supporting small businesses that are struggling financially, including those that have vacant premises Property owners who qualify for this relief can benefit from a reduction in their rates bill, or in some cases, pay no rates at all business rates relief vacant property. To be eligible for this relief, the rateable value of the property must be below a certain threshold, which varies depending on the location.
In addition to these specific relief schemes, property owners can also take advantage of other options to reduce their business rates bill for vacant properties For example, some councils offer discretionary relief for properties that are being actively marketed for rental or sale By providing evidence of marketing efforts, such as property listings or advertising materials, property owners may be able to secure additional relief on their rates bill.
Property owners should also be aware of the government’s COVID-19 relief measures, which have been introduced to support businesses during the pandemic These measures include a 100% relief on business rates for retail, hospitality, and leisure properties up until March 2022 While this relief is not specific to vacant properties, it can still benefit property owners who have been adversely affected by the pandemic and are struggling to keep their properties occupied.
In order to make the most of business rates relief for vacant properties, property owners should ensure that they are up to date with the latest relief options available in their area This may involve actively engaging with their local council, seeking advice from a professional advisor, or staying informed about any changes in legislation or government policies.
Property owners should also keep detailed records of their efforts to market the property, as this information may be required when applying for relief By documenting their marketing activities and demonstrating their commitment to finding a tenant or buyer, property owners can strengthen their case for relief and increase their chances of securing a reduction in their rates bill.
In conclusion, business rates relief for vacant property is a valuable resource for property owners who are facing financial challenges due to empty premises By understanding the various relief options available, staying informed about changes in legislation, and actively seeking relief from their local council, property owners can maximize their chances of reducing their rates bill and easing the financial burden of keeping their properties vacant With the right approach and professional advice, property owners can make the most of business rates relief for vacant properties and secure financial stability in the face of challenging economic conditions.