In recent years, landlords have faced increasing financial pressures due to various factors such as rising property prices, changes in legislation, and the impact of the COVID-19 pandemic. One of the major expenses that landlords have to contend with is business rates, which are taxes paid on non-residential properties. However, there are certain relief schemes available to landlords to help reduce the burden of business rates.
One of the main forms of relief available to landlords is Small Business Rates Relief (SBRR). This relief is aimed at businesses with a rateable value below a certain threshold, which is set by the government. Landlords who meet the criteria for SBRR can benefit from a reduction in their business rates bill, or even have their rates completely discounted.
To qualify for SBRR, landlords must meet certain criteria, such as having only one property with a rateable value below the threshold. Landlords who own multiple properties may still be eligible for relief if the combined rateable value of all their properties falls below the threshold. It’s important to note that each local authority sets its own threshold for SBRR, so landlords should check with their local council to see if they qualify.
Another form of relief available to landlords is Rural Rate Relief. This relief is specifically aimed at landlords who own non-residential properties in rural areas. Landlords who qualify for Rural Rate Relief can receive a discount on their business rates bill, with the percentage of relief varying depending on the specific circumstances.
Landlords who rent out empty properties may also be eligible for Empty Property Rates Relief. This relief allows landlords to receive a temporary exemption from paying business rates on properties that are unoccupied. The length of the exemption period varies depending on the property’s rateable value and location, so landlords should check with their local council for more information.
In addition to these relief schemes, landlords may also be eligible for other forms of business rates relief, such as Charitable Rate Relief or Enterprise Zone Relief. Charitable Rate Relief is available to landlords who lease their property to a registered charity, while Enterprise Zone Relief is aimed at businesses operating within designated enterprise zones.
It’s important for landlords to be aware of the various relief schemes available to them, as they can help reduce the financial strain of paying business rates. Landlords should regularly review their eligibility for relief and stay up to date with any changes in legislation that may affect their entitlement to relief.
In light of the challenges that landlords face in today’s economic climate, it’s crucial that they take advantage of any relief schemes that may be available to them. By reducing their business rates bill, landlords can free up valuable funds that can be reinvested into their properties or used to cover other costs associated with their business.
Overall, landlord business rates relief can provide much-needed financial support to landlords who are struggling to cope with the financial pressures of running a property business. By taking the time to explore the various relief schemes available and ensuring that they meet the eligibility criteria, landlords can benefit from significant cost savings that can help to sustain their business in the long term.