Landlords who rent out commercial properties are subject to paying business rates on those properties Business rates are a tax on non-domestic properties set by local authorities to help fund local services For many landlords, business rates can be a significant expense that cuts into their profits However, there are a number of relief schemes available to provide some respite from the burden of business rates In this article, we will explore the various types of business rates relief available to landlords and how they can benefit from them.
One of the most common forms of business rates relief available to landlords is the Small Business Rates Relief (SBRR) This relief is available to businesses with a rateable value below a certain threshold, which varies depending on the location of the property Landlords who own properties with a rateable value below this threshold may be eligible for a discount on their business rates In some cases, properties with a rateable value of up to £15,000 may be eligible for 100% relief, while properties with a rateable value between £15,001 and £50,999 may be eligible for tapered relief Landlords should check with their local authority to see if they qualify for SBRR.
Another form of business rates relief available to landlords is the Empty Property Relief This relief is available to landlords who have vacant properties that are not being used for business purposes In some cases, landlords may be eligible for 100% relief on their business rates for up to three months for non-industrial properties and up to six months for industrial properties After this period, landlords may be eligible for a further discount of 50% on their business rates for a period of up to 18 months landlord business rates relief. Landlords should contact their local authority to find out more about Empty Property Relief and how they can apply for it.
In addition to these forms of relief, landlords may also be eligible for Charity Relief if they rent out properties to registered charities Charity Relief provides 80% relief on business rates for properties that are occupied by registered charities and used for charitable purposes Landlords who rent out properties to charities should contact their local authority to see if they qualify for Charity Relief.
Furthermore, landlords who rent out properties in areas that have been designated as Enterprise Zones may be eligible for Business Rates Relief Enterprise Zones are areas that have been designated by the government as locations for economic growth and development Landlords who own properties within Enterprise Zones may be eligible for 100% relief on their business rates for a period of up to five years This relief is designed to encourage investment and development in these areas, so landlords should take advantage of it if they can.
It is important for landlords to be aware of the various relief schemes available to them and to take advantage of them where possible Business rates can be a significant expense for landlords, and relief schemes can help to ease this burden and improve their bottom line Landlords should speak to their local authority to find out more about the relief schemes that they may be eligible for and how they can apply for them.
In conclusion, business rates relief can provide much-needed respite for landlords who rent out commercial properties Whether through Small Business Rates Relief, Empty Property Relief, Charity Relief, or Business Rates Relief in Enterprise Zones, there are a number of schemes available to help landlords reduce their business rates liability Landlords should be proactive in exploring their options and taking advantage of relief schemes that are available to them By doing so, landlords can save money, improve their profitability, and invest in the growth and development of their properties.