As a business owner, you know that there are many expenses that come with running a business. One of the largest expenses that you may face is business rates. Business rates are taxes that are paid on non-domestic properties, such as shops, offices, and warehouses. These rates are based on the rateable value of the property and can be a significant financial burden for many businesses.
However, there is a relief available for businesses that have empty properties. This relief is known as empty business rate relief, and it can offer significant savings for businesses that are struggling with the costs of their empty properties. In this article, we will explore what empty business rate relief is, how it works, and how you can apply for it.
empty business rate relief is a scheme that was introduced by the government to help business owners who have empty properties. The relief offers a discount on the business rates that are payable on empty properties, making it easier for businesses to manage the costs of these properties while they are vacant. The relief is available for most types of non-domestic properties, including shops, offices, warehouses, and factories.
The amount of relief that you can receive varies depending on the type of property and how long it has been empty. In general, properties that have been empty for less than three months are eligible for a 100% relief on their business rates. Properties that have been empty for between three and six months are eligible for a 50% relief, while properties that have been empty for more than six months are eligible for a 10% relief.
To apply for empty business rate relief, you will need to contact your local council. They will be able to provide you with the necessary forms and information on how to apply. In general, you will need to provide details about the property, its rateable value, and how long it has been empty. You may also need to provide evidence to support your application, such as proof of ownership or a lease agreement.
It is important to note that empty business rate relief is not automatic. You will need to apply for the relief and provide the necessary information to support your application. Once your application has been processed, your local council will let you know if you have been successful and how much relief you are entitled to.
There are some exceptions to empty business rate relief. For example, properties that have been empty for more than three months due to structural repairs or alterations may still be eligible for relief. However, properties that are empty because they are part of a plan to redevelop or demolish the property may not be eligible for relief.
It is also worth noting that empty business rate relief is not available for all types of properties. For example, properties that are exempt from business rates, such as agricultural land or buildings used for public worship, are not eligible for empty business rate relief. Additionally, empty properties that are classified as being in poor condition may not be eligible for relief.
In conclusion, empty business rate relief is a valuable scheme that can offer significant savings for businesses that have empty properties. By applying for the relief and providing the necessary information, you can reduce the financial burden of business rates on your empty properties. If you are a business owner with empty properties, it is worth exploring the option of empty business rate relief to see if you are eligible for this valuable form of financial assistance.