VPS can help mitigate vacant property business rates
Effective management of your business rates can generate significant savings. Therefore, careful planning is crucial, particularly where the property is to remain vacant for a longer period.
Working in partnership with a national partner who takes complete ownership of the process, we provide a specialist service that makes alleviating the rates on vacant commercial property easy. We deploy bespoke strategies to both mitigate business rates and where possible seek to create income for landlords.
- Reduce bottom line property costs and maximise the savings on rates bills
- Reduce the amount commercial property owners pay in rates
- Minimise exposure to liability
Key Facts - Business Chain
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Commercial Property falls vacant
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3 month Empty Property Rate (EPR) relief is granted (6 months for industrial or warehouse properties)
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After 3 (or 6 months), EPR is charged at 100% of occupied rate
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If property can be occupied for 43 days or more, a further 3 or 6 months of rate relief can start
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At the end of 3 or 6 month period, process can be repeated
We can effectively mitigate business rates where minimum use and intrusion of a commercial property is necessary. We use a carefully selected set of companies that will make non-invasive use of the property, allowing you to continue marketing effectively. It could be schemes such as short-term storage of low value goods or display and sale of imported art works. We work with partnership charities who will use the property while it is vacant which helps to mitigate business rates.
Business rates are a substantial burden on a business, restricting investment and impacting on profitability. When a commercial property is vacated, there is a period of exemption from paying business rates. This is usually three months, although this can vary depending on property type, size and location.
After this period, the ratepayer can become liable to pay these rates again, even if the property remains unoccupied. Some commercial property owners, especially those with properties in the industrial sector, have seen their rates bill increase significantly; some may have had no option but to consider demolition.
