Empty buildings can be a burden for property owners. Not only are they sitting idle and not generating any income, but they also come with the added expense of business rates. However, there is a potential solution for property owners facing this challenge – empty building business rates relief.
Empty building business rates relief, or simply relief, offers property owners a way to reduce or eliminate the business rates they have to pay for empty buildings. This relief can be a valuable financial lifeline for property owners who are struggling to cope with the costs of maintaining an empty property.
In this article, we will explore the concept of empty building business rates relief in detail, including how it works, who is eligible for it, and how property owners can apply for it.
The Basics of empty building business rates relief
Empty building business rates relief is a government initiative designed to provide financial support to property owners who have empty buildings. The relief aims to ease the financial burden that comes with owning and maintaining a vacant property by reducing or waiving the business rates that would normally be due.
Under normal circumstances, property owners are required to pay business rates on most non-domestic properties, including empty buildings. These rates are calculated based on the rateable value of the property and can be a significant expense for property owners, especially if the building is not generating any income.
Empty building business rates relief allows property owners to claim a discount on the business rates they are liable for on empty buildings. The amount of relief available varies depending on the specific circumstances of the property and the local authority responsible for setting business rates.
Who is Eligible for empty building business rates relief?
Empty building business rates relief is available to most property owners who have empty buildings. However, there are certain criteria that must be met in order to be eligible for the relief.
In general, properties must be completely unoccupied and have no use for at least three months in order to qualify for empty building business rates relief. Properties that are undergoing refurbishment or repair work may also be eligible for relief, as long as they are not being used for any other purpose during this time.
It is important to note that empty building business rates relief is not automatic and property owners must apply for the relief in order to receive it. Applications are typically processed by the local authority responsible for setting business rates, and property owners may be required to provide evidence of the property’s empty status in order to qualify for relief.
How to Apply for empty building business rates relief
Applying for empty building business rates relief is a relatively straightforward process, but there are certain steps that property owners must follow in order to secure the relief.
The first step is to contact the local authority responsible for setting business rates and inform them that the property is empty. Property owners may be required to provide evidence of the property’s empty status, such as utility bills or rental agreements, in order to support their application for relief.
Once the local authority has confirmed that the property is eligible for empty building business rates relief, they will calculate the amount of relief that is available and adjust the property owner’s business rates accordingly. It is important for property owners to keep in touch with the local authority throughout the process and provide any additional information that may be required in order to expedite the application.
In conclusion, empty building business rates relief can be a valuable resource for property owners who are struggling to cope with the costs of owning and maintaining empty buildings. By understanding how the relief works, who is eligible for it, and how to apply for it, property owners can take advantage of this initiative to reduce or eliminate the financial burden of business rates on their vacant properties.