As a property owner or landlord, dealing with empty properties can be a major headache. Not only are you missing out on rental income, but you may still be required to pay business rates on the property, even when it is vacant. However, there is a solution to this problem – void rates relief.
Void rates relief is a way for property owners to receive relief from paying business rates on empty properties. This relief can be a lifeline for landlords who are struggling to find tenants for their properties or who are going through periods of vacancy. In this article, we will discuss what void rates relief is, how it works, and how you can apply for it.
What is Void Rates Relief?
Void rates relief, also known as empty property relief, is a scheme that allows property owners to receive a reduction in their business rates for properties that are empty. This relief is designed to help property owners who are experiencing difficulties in finding tenants for their properties or who are dealing with temporary vacancies.
The level of relief available varies depending on the location of the property and the length of time it has been empty. In some cases, property owners may be entitled to a 100% reduction in their business rates for a set period of time. However, it is important to note that void rates relief is not automatic – property owners must apply for the relief and meet certain criteria in order to qualify.
How Does Void Rates Relief Work?
In order to apply for void rates relief, property owners must first notify their local council that their property is empty. The council will then assess the property and determine whether it meets the criteria for relief. In most cases, properties must be completely unoccupied in order to qualify for void rates relief.
Once a property has been deemed eligible for void rates relief, the council will apply the relevant reduction to the property owner’s business rates bill. This reduction will be in place for a set period of time, after which the property owner may be required to pay full business rates on the property once again.
It is important for property owners to keep the council informed of any changes to the status of their property, as this can affect their eligibility for void rates relief. For example, if a property that was previously empty becomes occupied, the property owner may no longer be entitled to relief and could be liable for full business rates once again.
How to Apply for Void Rates Relief
Applying for void rates relief is a relatively straightforward process, but it is important to ensure that you meet the criteria set out by your local council. In general, property owners must notify the council of their empty property and provide evidence to support their claim for relief.
This evidence may include details of the property’s occupancy status, the reasons for vacancy, and any efforts that have been made to find a tenant. Property owners must also ensure that their property is maintained in a good condition and does not pose a risk to public health or safety.
In some cases, property owners may be required to pay a fee in order to apply for void rates relief. This fee is used to cover the cost of assessing the property and processing the application. However, the cost of the fee is usually far outweighed by the savings that can be made through void rates relief.
Conclusion
Void rates relief can be a valuable resource for property owners who are struggling with empty properties. By providing relief from business rates, this scheme can help to ease the financial burden of vacancy and provide landlords with a much-needed financial lifeline.
If you are a property owner who is dealing with empty properties, it is worth exploring the option of void rates relief. Contact your local council to find out more about the relief available in your area and to see if you qualify for this valuable scheme. void rates relief
By taking advantage of void rates relief, you can ensure that your properties remain profitable, even during times of vacancy.