Empty properties can be a burden for business owners, especially when it comes to paying business rates on a property that is not generating any income However, there are ways to alleviate the financial strain of empty properties through business rate relief schemes In this article, we will explore the various options available to business owners to maximize business rate relief for empty properties.
One of the most common forms of business rate relief for empty properties is the Empty Property Relief (EPR) scheme This scheme allows business owners to receive a discount on their business rates for a set period of time if their property is empty The length of time that the property can qualify for EPR varies depending on the local authority, but it is typically around three or six months.
In some cases, business owners may qualify for extended periods of EPR if they can prove that they are actively trying to market the property for rent or sale This is known as the “unoccupied property rate relief” and can provide further relief on business rates for up to an additional three months.
Another form of business rate relief for empty properties is the Small Business Rate Relief (SBRR) scheme This scheme is specifically designed to help small businesses with lower rateable values, and can provide a significant discount on business rates for eligible properties Business owners who qualify for SBRR can receive up to a 100% discount on their business rates for properties with a rateable value below a certain threshold.
Business owners should also be aware of the business rate relief available for properties that are undergoing renovation or structural changes The government offers a Renovation Relief scheme that provides a 100% discount on business rates for properties that are undergoing significant refurbishment work business rate relief empty properties. This can be a valuable incentive for business owners who are looking to improve their properties but are concerned about the financial implications of paying business rates on an empty property.
In addition to these specific business rate relief schemes, business owners should also explore other avenues for reducing their business rates on empty properties For example, some local authorities offer discretionary rate relief for businesses that are experiencing financial hardship Business owners can apply for this relief on a case-by-case basis, and may be able to secure a temporary discount on their business rates if they can demonstrate that they are struggling to make payments.
It is important for business owners to be proactive in seeking out business rate relief for empty properties, as the financial implications of paying full business rates on an empty property can be significant By taking advantage of the various relief schemes available, business owners can minimize the financial strain of empty properties and focus on finding tenants or buyers to generate income from their properties.
In conclusion, business rate relief for empty properties can provide much-needed financial support for business owners who are struggling to pay business rates on properties that are not generating any income By exploring the various relief schemes available, business owners can maximize their chances of securing discounts on their business rates and alleviate the burden of empty properties It is important for business owners to be proactive in seeking out relief and to take advantage of any opportunities that may be available to them With the right approach, business owners can minimize the financial impact of empty properties and focus on finding new tenants or buyers to generate income from their properties.
In the end, business rate relief for empty properties is a valuable tool for business owners who are facing financial challenges due to unoccupied properties By taking advantage of the relief schemes available and exploring other avenues for reducing business rates, business owners can alleviate the financial strain of empty properties and focus on generating income from their properties.