One of the biggest financial challenges faced by business owners is the burden of paying business rates on empty property. When a property is not generating any income, it can be frustrating to be hit with additional costs in the form of business rates. However, there are some ways to legally avoid paying these rates, saving you money and reducing your financial stress. In this article, we will discuss some strategies for avoiding business rates on empty property.
One of the simplest ways to avoid paying business rates on empty property is by being aware of the exemptions and reliefs available to property owners. In some cases, certain types of properties may be exempt from business rates altogether. For example, properties that are used for certain charitable purposes, such as religious buildings or community centers, may be eligible for relief from business rates. Additionally, properties that are undergoing structural repairs or are being redeveloped may also be exempt from business rates for a certain period of time.
Another strategy for avoiding business rates on empty property is to utilize the Small Business Rate Relief (SBRR) scheme. This scheme provides relief on business rates for small businesses with a rateable value below a certain threshold. By applying for SBRR, you may be able to significantly reduce or eliminate the business rates on your empty property, saving you money in the long run.
Additionally, some local councils offer discretionary rate relief for empty properties in certain circumstances. This relief is usually granted on a case-by-case basis and may be available for properties that have remained empty for an extended period of time or are in need of redevelopment. By reaching out to your local council and explaining your situation, you may be able to secure relief from business rates on your empty property.
One creative way to avoid paying business rates on empty property is to temporarily rent out the space for a short-term period. By leasing the property to a temporary tenant, you can generate income from the space and potentially avoid paying business rates altogether. This strategy is especially useful for properties that are likely to remain empty for an extended period of time, as it allows you to make use of the space while also saving money on business rates.
Alternatively, you may consider converting the empty property into a temporary pop-up shop or art gallery. By inviting local artists or small businesses to showcase their work in the space, you can generate interest in the property and potentially attract potential buyers or tenants. This not only helps to promote the property, but also allows you to avoid paying business rates on an empty space.
If you are struggling to find tenants for your empty property, you may want to consider renovating or refurbishing the space to make it more attractive to potential tenants. By investing in upgrades and improvements, you can increase the property’s appeal and potentially secure a tenant more quickly. Additionally, some local councils offer relief from business rates for properties that are undergoing renovation or redevelopment, so be sure to check with your council to see if you qualify for this relief.
In conclusion, there are several strategies for avoiding business rates on empty property. By being aware of the exemptions and reliefs available, utilizing schemes like SBRR, exploring discretionary rate relief options, and considering creative solutions like temporary rentals or pop-up shops, you can reduce the financial burden of paying business rates on an empty property. With careful planning and proactive measures, you can save money and alleviate the stress of owning an empty property.