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Changes to the rules governing business rates on empty properties could mean 'hardship for many small business owners', PKF has warned.
The changes, which came into effect at the beginning of this month, effectively abolish financial relief paid to owners of empty commercial and industrial premises, said the accountancy firm.
Also, empty industrial properties are now liable for full business rates after six months, when previously their owners benefited from full rate relief no matter how long they remained vacant.
PKF partner and corporate tax specialist Peter Harrup said:
'Government reasoning sees the move as a way to increase business competitiveness and efficiency by incentivising landlords to re-let or redevelop their properties.
'It also hopes to shift the focus for business development away from green-field to brown-field sites.
Mr Harrup continued: 'While the thinking behind the changes is laudable, the result could be hardship for many small business owners who now, with the abolition of Empty Property Relief, will have to fork out hundreds, if not thousands, of pounds.
'It's yet one more financial pressure for business, coming at a time when industry and commerce is feeling the pinch of a faltering economy.'
