5 Ways to Reduce UK Business Rates
Business rates are a major expense for businesses in the UK, and they can have a significant impact on a company’s bottom line. The good news is that there are ways to lower your business rates and reduce your expenses. In this blog post, we will explore some strategies that businesses in the UK can use to lower their business rates.
5 ways to lower your RV
Claim any available reliefs
The UK government offers various reliefs that businesses can claim to reduce their business rates. For example, small businesses can claim Small Business Rate Relief (SBRR) if they occupy a property with a rateable value of less than £15,000. Other reliefs include Charitable Rate Relief, Rural Rate Relief, and Enterprise Zone Relief. It is worth checking with your local authority to see if you are eligible for any of these reliefs.
Challenge your rateable value
The rateable value of your property is used to calculate your business rates. If you believe that your rateable value is incorrect, you can challenge it by making a formal appeal to the Valuation Office Agency (VOA). The VOA will review your appeal and may adjust your rateable value, which could result in lower business rates.
Consider a rates payment plan
If you are struggling to pay your business rates, you can contact your local authority to discuss a payment plan. This will allow you to spread the cost of your rates over a longer period, which can help to reduce the financial burden on your business.
Use vacant property relief
If you own a vacant property, you may be eligible for Vacant Property Relief, which provides a temporary reduction in your business rates. The relief applies to properties that have been empty for more than three months, and it can provide up to 100% relief for the first three months and up to 50% relief for the next three months.
If your business rates are significantly impacting your bottom line, it may be worth considering relocating to a different area with lower business rates. This may require some investment upfront, but it could save you money in the long run.
In conclusion, there are various strategies that businesses in the UK can use to lower their business rates. These include claiming available reliefs, challenging your rateable value, considering a rates payment plan, using vacant property relief, and considering relocating. By exploring these options, you can reduce your expenses and improve your business’s financial health
Shepherd Commercial are leading commercial agents in the West Midlands. Call us today for more information on your commercial asset.