Small businesses are the backbone of any economy, creating jobs and driving innovation However, running a small business comes with its own set of challenges, one of which is dealing with business rates Business rates are a form of tax that businesses have to pay based on the rateable value of their property This can be a significant cost for small businesses, especially if they are operating from a prime location However, there are ways for small businesses to get relief on their business rates, particularly when it comes to empty property.
Small Business Rates Relief (SBRR) is a government scheme designed to help small businesses with their business rates Under the scheme, small businesses occupying properties with a rateable value below a certain threshold are eligible for a discount on their business rates However, what many small business owners may not be aware of is that they can also get relief on business rates for empty properties.
Empty properties can be a drain on small businesses, especially if they are unable to find tenants or buyers for them Paying business rates on an empty property can add to the financial burden of a small business, which is why it is important to make use of any relief that is available Small businesses may be eligible for relief on empty properties under the Small Business Rates Relief (SBRR) scheme, which can help to reduce the cost of business rates on these properties.
To qualify for relief on empty property under SBRR, small businesses need to meet certain criteria Firstly, the property must have a rateable value below a certain threshold to qualify for SBRR Additionally, the property must be empty for a certain period of time, typically three months or more Small businesses also need to be able to demonstrate that they are actively trying to find tenants or buyers for the property in order to qualify for relief on empty property under SBRR.
There are a number of ways that small businesses can maximize the relief they receive on empty properties small business rates relief empty property. Firstly, they can make use of the exemptions available under the SBRR scheme For example, small businesses can apply for full relief on empty properties if the property has been empty for a certain period of time, typically 12 months or more This can help to reduce the financial burden of paying business rates on an empty property.
Small businesses can also take advantage of the relief available under the SBRR scheme by ensuring that they are actively trying to find tenants or buyers for the property This can include marketing the property, contacting local estate agents, and networking within the local business community to find potential tenants or buyers By demonstrating that they are actively trying to find tenants or buyers for the property, small businesses can increase their chances of qualifying for relief on empty property under SBRR.
In addition to relief on empty property, small businesses can also benefit from other forms of relief under the SBRR scheme For example, small businesses may be eligible for relief on their business rates if they are located in a designated rural area or enterprise zone They may also be eligible for relief if they are a small business that is expanding or relocating to a new property By exploring all the relief options available under the SBRR scheme, small businesses can maximize the relief they receive on their business rates.
Overall, small business rates relief for empty property is a valuable resource that small businesses should take advantage of By understanding the criteria for relief under the SBRR scheme and actively seeking to find tenants or buyers for empty properties, small businesses can reduce the financial burden of paying business rates on these properties This can help small businesses to free up valuable resources that can be reinvested back into their business, driving growth and success in the long term.