Posted: Friday, 1 April 2011 @ 15:33
As of today (1 April 2011) many property owners and businesses will be hit with a large increase in business rates for empty property.
The rateable value where no business rates are payable by an owner of empty property has been cut from £18,000 down to £2,600.
I have already received many enquiries from worried business people and property owners seeking ways to reduce their liability.
Eligible businesses should not forget to make a claim for Small Business Rate Relief from their local authority. See here for more details.
If you do not meet the criteria for Small Business Rate Relief and have received a demand for business rates on empty property then there are several options available.
One option is to find a tenant willing to occupy your premises casually on flexible terms for 6 weeks. Once that tenant vacates no business rates would be payable for 3 or 6 months depending on the type of property. Also consider the "Meanwhile Scheme"
Steve Petty
Commercial Property Solicitor
0845 003 5639
For free advice on this topic please call us on 0845 003 5639.
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