Empty properties can be a burden for small businesses, not only in terms of maintenance costs but also in terms of paying business rates for a property that is not generating any income However, there are ways small businesses can take advantage of small business rates relief to alleviate the financial strain of owning an empty property.
Small business rates relief is a scheme available to businesses that occupy properties with a rateable value below a certain threshold This relief can significantly reduce the amount of business rates owed, making it easier for small businesses to keep their doors open and their finances in check But what about empty properties? Can small businesses still benefit from rates relief for properties that are not in use?
The answer is yes Small businesses that own empty properties can still apply for rates relief under certain circumstances This can be a huge help for small businesses that are struggling to keep up with the costs of owning property that is not generating any income.
One of the ways small businesses can maximize rates relief for empty properties is by taking advantage of the government’s Small Business Rates Relief Extended Retail Discount This scheme provides a discount on business rates for retail properties that have been empty for a certain period of time The discount can range from 50% to 100%, depending on the length of time the property has been empty.
To qualify for the Small Business Rates Relief Extended Retail Discount, the property must have been used for a qualifying purpose in the past, such as retail, hospitality, or leisure The relief only applies to properties with a rateable value of less than £51,000, making it a great option for small businesses that own empty retail properties.
In addition to the Extended Retail Discount, small businesses can also apply for Small Business Rates Relief for empty properties that are not classified as retail small business rates relief empty property. This relief is available to businesses that occupy properties with a rateable value of less than £15,000 The relief can reduce business rates by up to 100%, depending on the rateable value of the property.
To qualify for Small Business Rates Relief for empty properties, businesses must meet certain criteria, such as having only one property and not receiving any other form of relief Small businesses that meet these requirements can benefit from substantial savings on their business rates, making it easier to manage the costs of owning an empty property.
It’s important for small businesses to be proactive in seeking out rates relief for empty properties By taking advantage of the available schemes and discounts, businesses can save money and alleviate some of the financial strain that comes with owning empty property This can help small businesses stay afloat during challenging times and focus on growing their business rather than worrying about high business rates.
In conclusion, small businesses can benefit from rates relief for empty properties by applying for schemes such as the Small Business Rates Relief Extended Retail Discount and Small Business Rates Relief for non-retail properties These schemes can provide significant savings on business rates, making it easier for small businesses to manage the costs of owning empty properties By taking advantage of rates relief, small businesses can maximize their financial resources and focus on growing their business.