Business rates can often be a headache for property owners, especially when a property sits empty. However, there is a provision in place known as the business rates empty property exemption that can provide some relief for those facing this situation. In this article, we will dive into what this exemption entails and how it can benefit property owners.
The business rates empty property exemption is a policy that allows property owners to apply for relief from paying business rates on a property that is empty. This exemption was put in place to help reduce the financial burden on property owners who are unable to generate revenue from their empty properties. It is important to note that not all empty properties are eligible for this exemption, and there are certain criteria that must be met in order to qualify.
One of the key requirements for the business rates empty property exemption is that the property must be completely empty and have no furniture or equipment inside. This means that any property that is still being used for storage or has any form of occupation will not be eligible for the exemption. It is also important to note that the exemption only applies to non-domestic properties, meaning that residential properties are not eligible.
In order to qualify for the business rates empty property exemption, property owners must apply to their local council and provide evidence that the property is empty. This might include providing photos of the empty property, utility bills showing no consumption, or a signed declaration confirming that the property is not in use. Once the application is submitted, the local council will review the evidence and make a decision on whether the property qualifies for the exemption.
If a property owner is granted the business rates empty property exemption, they will usually be given a period of relief from paying business rates. The length of this relief period can vary depending on the location of the property, with some councils offering up to six months of exemption and others offering a full year. It is important for property owners to keep track of when the exemption period ends so that they can reapply if necessary.
It is important to note that the business rates empty property exemption is not a permanent solution, and property owners will still be required to pay business rates once the exemption period ends. However, this exemption can provide some much-needed relief for property owners who are struggling financially due to their empty properties. It can also offer some breathing room for property owners who are looking to market their empty properties and find tenants.
In some cases, property owners may be able to apply for additional forms of relief in addition to the business rates empty property exemption. For example, there are certain circumstances where a property may be exempt from business rates altogether, such as newly built properties that are not yet occupied. Property owners are encouraged to reach out to their local council to explore all of the available options for relief.
Overall, the business rates empty property exemption can be a valuable tool for property owners who are facing financial difficulties due to their empty properties. By providing relief from paying business rates, this exemption can help alleviate some of the financial burden and allow property owners to focus on finding tenants for their empty properties. If you are a property owner with an empty property, be sure to explore the business rates empty property exemption and see if you qualify for this valuable relief.