As of 1st April 2008, all empty commercial, industrial and office premises will no longer receive business rates discounts. The owner of the property will be liable to pay 100% of the rates due each month while the property is empty.

 

We can offer a number of solutions to reduce this bill by at least 50%. We have a number of clients that receive discounts on their business rates. As their managing agents, we set up temporary tenancy agreements with free rent until you rent or sell the property. We charge the owner a management fee which covers our costs and pays the rates due each month while our client occupies the building. This arrangement can be setup immediately on all your empty properties and we take care of all the administration.

 

Our company is also part of a wider group of companies offering security services. We can offer a free key holding service with fast alarm response for all empty properties throughout Yorkshire as well as help reduce insurance premiums through mobile security patrols, static guards and CCTV monitoring. Click here to view our security services

 

 

Changes to empty property business rates

 

The Valuation Office Agency (VOA) is responsible for assessing all non-domestic and business property and giving each one a rateable value. Rateable values are provided to local authorities, which use them as the basis for the calculation of business rate bills.

If you own business property that is currently empty, it will probably already have a rateable value, assessed by the VOA.  You can check the rateable value of your property in the rating lists.

 

Previously, most types of empty property were subject to rates at 50% of the normal charge. Local authorities, not the VOA, levy rates, including empty property rates.

 

Recent changes to modernise this form of rate relief, which came into effect on 1 April 2008, aim to provide strong incentives to bring vacant premises back into use by removing these reductions to the business rates bill.

 

The main change has amended the Local Government Finance Act 1988, to increase the empty property rate from 50% to 100% of the basic occupied business rate, after initial void periods have elapsed. For most properties, excluding industrial, the void period is three months. For industrial properties, the void period is six months. The change is intended to encourage owners to re-let, re-develop or sell empty non-domestic buildings.

 

Check the rateable value of your building here

 

 

E-mail: rates@npaconsultants.com