Business rates are a significant cost for property owners, especially when their properties are empty Empty property rates can be a burden on commercial property owners, as they have to pay nearly the same rates as if the property were occupied However, there are ways to avoid paying business rates on empty property legally Here are some tips to help you save money on empty property rates.
1 Use the Small Business Rate Relief Scheme
If your property qualifies as a small business, you may be eligible for the Small Business Rate Relief Scheme This scheme provides relief for small businesses with a rateable value below a certain threshold By claiming this relief, you can significantly reduce the amount of business rates you have to pay on your empty property.
2 Consider Temporary Occupancy
One way to avoid paying business rates on empty property is to temporarily occupy the space By leasing out your property to temporary tenants, such as pop-up shops or short-term event organizers, you can avoid paying empty property rates This not only helps you save money on business rates but also generates some income while you look for a long-term tenant.
3 Apply for Exemption
Certain types of properties are exempt from paying business rates on empty premises For example, listed buildings, properties with a rateable value below a certain threshold, and properties that are undergoing major renovation works may be eligible for exemption Make sure to check with your local council to see if your property qualifies for exemption from empty property rates.
4 Utilize Business Rates Relief Schemes
In certain circumstances, property owners may be eligible for business rates relief schemes that can help reduce or eliminate the amount of rates payable For example, properties that are used for charitable purposes may qualify for relief avoiding business rates on empty property. By exploring different relief schemes that your property may be eligible for, you can potentially save a significant amount of money on business rates.
5 Appeal Your Business Rates
If you believe that the rateable value of your property is incorrect, you can appeal your business rates assessment By providing evidence to support your case, such as recent rental values or property sales in the area, you may be able to get your rateable value reduced This can result in a lower business rates bill for your empty property.
6 Explore Business Rates Mitigation Services
There are companies that specialize in helping property owners reduce their business rates bills legally These companies have expertise in navigating the complex world of business rates and can help you identify potential savings opportunities for your empty property While using a business rates mitigation service may involve a fee, the potential savings can outweigh the cost.
7 Keep Your Property Secure
Empty properties are often targets for vandalism, squatting, and other security risks By keeping your property secure and well-maintained, you can reduce the chances of incurring additional costs related to damage or theft Maintaining good security measures not only protects your property but also demonstrates to the local council that you are actively trying to find a new occupant for your property.
In conclusion, business rates on empty property can be a substantial financial burden for property owners However, by exploring various strategies and options, you can potentially reduce or eliminate the amount of business rates you have to pay legally From utilizing relief schemes to appealing your business rates assessment, there are several ways to save money on empty property rates By taking proactive steps and staying informed about your options, you can minimize the impact of business rates on your empty property.