6 Ways To Avoid Business Rates On Empty Property

Empty properties can be a burden for business owners, not only because they are not generating income but also because they may be subject to business rates Business rates are a tax on non-domestic properties and can be a significant cost for vacant buildings However, there are ways to avoid paying business rates on empty property In this article, we will explore six strategies that business owners can use to minimize or eliminate business rates on their empty properties.

1 Temporary occupation

One way to avoid paying business rates on an empty property is to temporarily occupy it This could involve moving your own business into the property for a short period of time, or allowing another business to use the space on a temporary basis By occupying the property, even for a short period of time, you may be able to apply for relief from paying business rates This can be a cost-effective way to avoid the full burden of business rates while you work to find a more permanent tenant for the property.

2 Use the property for storage

Another way to avoid business rates on empty property is to use the space for storage purposes If you are using the property solely for storage and not for any business activities, you may be able to apply for relief or exemption from paying business rates Keep in mind that there are specific criteria that need to be met in order to qualify for this type of relief, so make sure to check with your local council to see if your storage use qualifies for an exemption.

3 Renovate or develop the property

If you are considering renovating or developing your empty property, you may be able to avoid paying business rates during the construction period Some local councils offer relief on business rates for properties that are undergoing renovation or development work This can be a valuable cost-saving opportunity for business owners who are planning to improve their properties and make them more marketable to potential tenants.

4 Apply for empty property relief

In some cases, business owners may be eligible for empty property relief, which allows them to claim a partial exemption from paying business rates on their vacant properties avoiding business rates on empty property. Empty property relief is typically available for a limited period of time, usually 3 to 6 months, depending on local regulations To qualify for this relief, the property must be empty and not used for any business activities Be sure to check with your local council to see if you are eligible for empty property relief and how to apply for it.

5 Let the property to a charity or community group

Business owners who are struggling to find tenants for their empty properties may consider letting the space to a charity or community group Properties that are occupied by charities or community groups are eligible for relief from paying business rates By letting your empty property to a charitable organization, not only will you avoid business rates, but you will also be supporting a good cause in your community Make sure to check with your local council to see if the charity or community group qualifies for business rates relief.

6 Appeal your business rates assessment

If you believe that your business rates assessment is inaccurate or unfair, you have the right to appeal the decision Business rates assessments are based on the rateable value of the property, which is determined by the Valuation Office Agency If you think that your rateable value has been calculated incorrectly, you can submit an appeal to have it reassessed By appealing your business rates assessment, you may be able to lower the amount of rates you are required to pay on your empty property.

In conclusion, there are several strategies that business owners can use to avoid or minimize business rates on their empty properties From temporary occupation to appealing your rates assessment, there are options available to help reduce the financial burden of vacant properties By exploring these strategies and working with your local council, you can find the best solution for your empty property and avoid unnecessary costs.