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Empty business rates! Worth talking about!

Mention the words ”Business Rates” to anyone owning or occupying commercial property and you are guaranteed a passionate response! For occupiers, the annual demand dropping through the letterbox with the reliability that any Swiss clockmaker would be proud, is significant; VERY significant! The amount at the bottom of the page for many would buy numerous Swiss-made timepieces. Business Rates are a very significant cost for any business.

The changes which introduced the liability to pay Business Rates on empty commercial property arrived which a muted fanfare. For many it came as a huge shock, when faced with often not only losing their rental income by a tenant vacating, but the pendulum swinging acutely in the other direction, then faced with a serious expense, generally not having been planned, or budgeted for! For some this disappointingly reduced the returns from their property portfolio. For others, this was catastrophic!

Encouragingly, activity is returning to the commercial property market, for both sales and lettings. However, if you are one of the ones holding the baby, time has a very significant cost!

However, professional help is on hand! If you are paying empty rates, take professional advice. Clearly the higher the rateable value, the more cost-effective the advice. With a Rateable Value of over £75,000 the annual rates demand is huge and well worth talking about!

If you require advice on Business Rates and Empty Rates give me a call, without obligation and in confidence. With expert contacts nationwide, a conversation is always worthwhile,wherever your commercial property is located. 01271 324251 07968 142269 or ku@kevinunderwood.co.uk