When a business property becomes vacant, owners can often find themselves facing substantial financial burdens in the form of business rates These rates are charged on most non-domestic properties, including shops, offices, warehouses, and factories However, the good news is that there are several ways in which owners of vacant properties can apply for relief to ease the financial strain In this article, we will explore the different options available to businesses looking to minimize the impact of business rates on their vacant property.
One of the most commonly used forms of relief for vacant properties is the Empty Property Relief (EPR) This relief provides a full exemption from business rates for the first three months that a property is empty After this initial period, the property will usually be subject to full business rates unless it falls into one of the other relief categories It is important for property owners to be aware of the EPR rules and deadlines to ensure they are able to take advantage of this relief for as long as possible.
For properties that have been empty for longer than three months, there are additional forms of relief available The Government has introduced a scheme that provides a 50% discount on business rates for properties that have been empty for over three months and were last used before becoming vacant This scheme aims to encourage property owners to bring their vacant properties back into use by providing a financial incentive to do so.
In addition to the above relief options, there are also specific forms of relief available for certain types of properties For example, there is relief available for newly built properties that are due to be occupied for the first time business rates relief vacant property. This relief can provide a substantial reduction in business rates for a period of time to help new businesses get off the ground There is also relief available for properties that are undergoing major refurbishments or structural changes, which can provide a significant reduction in business rates during the works.
It is important for property owners to be proactive in seeking out relief options for their vacant properties This can involve submitting an application for relief to the local council and providing supporting evidence to demonstrate why the property qualifies for relief It is also important to keep up to date with any changes to the relief schemes or deadlines to ensure that the property continues to benefit from relief for as long as possible.
Another key consideration for property owners is the impact of business rates on the overall value of their property Vacant properties that are subject to full business rates can often be less attractive to potential buyers or tenants, which can have a negative impact on the property’s value By taking advantage of relief options and minimizing the financial burden of business rates, property owners can increase the attractiveness of their vacant properties and improve their chances of finding a new occupier.
In conclusion, there are several options available to property owners looking to minimize the impact of business rates on their vacant properties By taking advantage of relief schemes such as Empty Property Relief and specific relief options for newly built or undergoing refurbishment properties, owners can reduce their financial burden and increase the attractiveness of their properties to potential occupiers It is important for property owners to stay informed about the relief options available and to be proactive in applying for relief to ensure their vacant properties remain as financially viable as possible.