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Business rates are a tax levied on non-domestic properties.
It is beneficial to understand and adopt methods of creating relief in vacant properties and appealing rateable values as substantial savings can be made.
Business rates are a tax levied on non-residential properties in the UK.
The funds generated by local authorities go towards local services and improvements within the community.
Vacant properties are commonly eligible for empty rates relief.
The owner or tenant is invariably responsible for paying business rates on premises.
However, vacant commercial properties may qualify for an exemption.
Professional advice is valuable to minimise the rates payable through an appeal or relief procedure.
Depending on individual circumstances, a ratepayer may be eligible for relief through a reduction in the business rates bill.
The types of relief available vary, depending on the location, type of property and the ratepayers circumstances.
The rateable value assigned to each commercial property is an estimate of the rental value as of the latest valuation date. The rates payable are calculated when the local authority applies the multiplier known as Uniform Business Rate (UBR) to the rateable value.
Appealing the rateable value is a lengthy and significantly complex process. Our team and partners can ascertain accurate rental values for the period and ensure (where supported by open market evidence) the assigned rateable value is readjusted appropriately to minimise cost.
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