When it comes to owning commercial property, one of the biggest challenges can be dealing with business rates on empty buildings These rates can add a significant financial burden to property owners, especially if the property remains vacant for an extended period of time However, there are strategies that property owners can use to avoid or minimize business rates on empty property In this article, we will explore some of the key ways property owners can take action to reduce their business rates liability.
One of the most effective ways to avoid or reduce business rates on empty property is to apply for exemptions or reliefs that may be available Empty property rates relief is available for certain types of properties, such as industrial buildings and listed buildings Property owners can apply for this relief to reduce their business rates liability on empty property Additionally, some properties may be eligible for small business rates relief, which can significantly reduce the amount of business rates that property owners are required to pay.
Another strategy that property owners can use to avoid business rates on empty property is to actively market the property for rent or sale By demonstrating that they are actively trying to attract tenants or buyers for the property, owners may be able to qualify for a business rates exemption for a limited period of time This can provide property owners with some breathing room to find a new occupant for the property without having to pay full business rates on the empty building.
Property owners can also consider demolishing or redeveloping their empty property to avoid paying business rates In some cases, local authorities may grant exemptions for properties that are undergoing redevelopment or are in the process of being demolished avoiding business rates on empty property. This can be a costly and time-consuming process, but for property owners who are struggling to find tenants or buyers for their empty buildings, it may be a worthwhile option to consider.
Another option for property owners looking to avoid business rates on empty property is to consider leasing the property on a short-term basis By leasing the property for a short period of time, property owners may be able to qualify for business rates relief under the “occupation by a charity” exemption This exemption applies when a charity is using the property for charitable purposes, and can provide property owners with relief from paying full business rates on the empty building.
Property owners should also be aware of the rules surrounding the temporary use of empty property to avoid business rates liability Temporary use exemptions may apply when a property is being used for certain purposes, such as storage or agriculture, for a limited period of time Property owners can apply for these exemptions to reduce their business rates liability while they are waiting to find a new tenant or buyer for the property.
Finally, property owners can consider appealing their business rates assessment to reduce the amount they are required to pay on empty property If property owners believe that their property has been overvalued or that they are being unfairly assessed, they can appeal to the Valuation Office Agency to have their rates reassessed This can be a lengthy process, but if successful, property owners may be able to significantly reduce their business rates liability on the empty building.
In conclusion, there are several strategies that property owners can use to avoid or reduce business rates on empty property By applying for exemptions, actively marketing the property, considering demolition or redevelopment, leasing the property on a short-term basis, exploring temporary use exemptions, and appealing their rates assessment, property owners can take action to minimize the financial burden of business rates on their empty buildings By being proactive and exploring all available options, property owners can navigate the challenges of business rates on empty property and potentially save themselves a significant amount of money in the process.