As a landlord, one of the many expenses you may have to deal with is business rates. These rates are taxes that commercial property owners must pay to their local council. However, there are various relief schemes and exemptions available to help landlords reduce this financial burden. In this article, we will discuss the different types of landlord business rates relief and how you can benefit from them.
One of the most common forms of business rates relief for landlords is Small Business Rate Relief (SBRR). This scheme is aimed at small businesses with a rateable value below a certain threshold, which varies depending on the location of the property. Landlords who rent out properties to small businesses may be eligible for SBRR if their tenants meet the criteria. This relief can significantly reduce the amount of business rates that landlords have to pay, making it a valuable resource for those looking to save money on their property expenses.
Another form of business rates relief available to landlords is Empty Property Rate Relief. This relief applies to properties that are unoccupied for a certain period of time, usually three months or more. Landlords who have vacant properties may be able to apply for Empty Property Rate Relief to avoid paying business rates on these properties. This can be particularly helpful for landlords who are in between tenants or who are struggling to find new occupants for their properties.
Charitable Rate Relief is another type of relief that may be available to landlords who rent out properties to registered charities. Properties that are leased to charities for charitable purposes may be eligible for 80% relief on their business rates. This can be a significant saving for landlords who support charitable organizations and can help them attract tenants who are involved in charitable work.
In addition to these specific relief schemes, landlords may also benefit from other exemptions and discounts on their business rates. For example, properties that are used for agricultural or horticultural purposes may be eligible for relief under the Agricultural Relief scheme. Similarly, properties that are used for certain types of industrial activities may qualify for relief under the Industrial Relief scheme.
It is important for landlords to be aware of the various relief schemes and exemptions that are available to them, as they can help reduce the financial burden of business rates. By taking advantage of these opportunities, landlords can save money on their property expenses and make their investments more profitable in the long run.
In order to apply for landlord business rates relief, landlords should contact their local council or the Valuation Office Agency (VOA). These organizations can provide information on the relief schemes that are available in their area and help landlords determine their eligibility for them. It is important for landlords to keep accurate records of their property expenses and rental income in order to support their applications for relief.
Overall, landlord business rates relief can be a valuable resource for property owners who are looking to reduce their expenses and make their investments more profitable. By taking advantage of the various relief schemes and exemptions that are available, landlords can save money on their business rates and improve the financial performance of their properties. If you are a landlord looking to reduce your business rates, be sure to explore the relief options that are available to you and take advantage of them to maximize your savings.