As a business owner or property owner, one of the last things you want to deal with is paying business rates on an empty property. Not only can this be a financial burden, but it can also add unnecessary stress to your plate. However, there are ways to avoid paying business rates on empty property legally and ethically. In this article, we will discuss five ways to do just that.
1. Qualify for Exemptions
One of the most straightforward ways to avoid paying business rates on an empty property is to qualify for exemptions. In the UK, certain types of properties may be exempt from business rates, including properties that are empty and have a rateable value of less than £2,900, or those used for specified purposes such as agriculture or fish farming. To see if your property qualifies for an exemption, contact your local council and inquire about the specific criteria.
2. Utilize Temporary Exemptions
If your property does not qualify for a permanent exemption, you may still be able to take advantage of temporary exemptions. In England, for example, empty commercial properties with a rateable value of less than £2,900 are entitled to a three-month exemption from business rates. Additionally, properties undergoing structural repairs or improvements may be eligible for a temporary exemption of up to 12 months. Make sure to check with your local council to see if your property meets the criteria for a temporary exemption.
3. Apply for Empty Property Relief
Another way to avoid paying business rates on an empty property is to apply for Empty Property Relief. This relief is available for commercial properties that have been empty for a certain amount of time, typically three months or more. The amount of relief you may receive can vary depending on your location, so be sure to check with your local council for more information on how to apply.
4. Consider Property Guardianship
If your property is going to be empty for an extended period, consider utilizing a property guardianship service. Property guardianship involves placing occupants in your property as temporary residents to help prevent squatting, vandalism, and other issues that can arise from an empty property. While property guardianship can incur costs, it may help you qualify for exemptions or relief on business rates, as having occupants in the property can change its classification.
5. Explore Business Rate Mitigation Services
For property owners facing significant business rates on empty property, it may be worth exploring business rate mitigation services. These services specialize in finding legal ways to reduce or eliminate business rates on empty properties. By working with a business rate mitigation service, you can receive expert advice and guidance on how to navigate the complexities of business rates and potentially save money in the process.
In conclusion, there are several ways to avoid paying business rates on empty property legally and ethically. By qualifying for exemptions, utilizing temporary exemptions, applying for Empty Property Relief, considering property guardianship, or exploring business rate mitigation services, you can find ways to mitigate the financial burden of empty property. Whether you are a business owner or property owner, it is essential to be proactive in seeking out these options to ensure you are not paying more than necessary in business rates on empty property.
By taking advantage of these strategies, you can navigate the complexities of business rates and potentially save money in the process. avoiding business rates on empty property may seem daunting, but with the right approach, you can find solutions that work for you and your property. Remember to consult with your local council or a trusted advisor for more personalized guidance on how to avoid business rates on empty property.