In order to support people, public services and businesses throughout the UK during this unprecedented time, the Chancellor has introduced a host of temporary measures – ranging from a job retention scheme to grants for small businesses. We’re going to look at some of these measures, and how your business could be eligible.
Support for businesses in retail, hospitality & leisure
The Government is putting forward a business rates holiday scheme, which will be applicable to businesses operating in the retail, hospitality and leisure sectors in England for the 2020 to 2021 tax year.
Lasting 12 months, many companies in these sectors will be able to benefit from this business rates holiday. However, for your company to do so, it must be based in England, and it must of course operate in the retail, hospitality and/or leisure sectors.
There’s nothing you need to do to access the scheme, however local authorities may have to reissue your bill to provide this support, something that they will do this as soon as possible.
More details regarding the business rates relief can be accessed on the GOV website.
Cash grants for the above sectors
Businesses in the retail, hospitality and leisure sectors will also be able to benefit from an announced grant scheme, which will provide companies with up to £25,000 per property.
If your business has a rateable value of up to £15,000, then it could be eligible for a £10,000 grant under this scheme. If, however, your company has a rateable value of over £15,000 but less than £51,000, it may be eligible for up to £25,000.
Your business can be eligible for this grant if it’s based in England, operates in one of the above sectors and its rateable is under £51,000.
If your business is eligible, you’ll be contacted by your local authority. However, some local authorities have taken the decision to run an application process. If you do have any enquiries regarding this grant scheme, they need to be directed to your relevant local authority.
An additional small business grant scheme
The government also announced further support for small businesses, with a Small Business Grant Scheme. This aims to provide funding for local authorities who can support small businesses that already pay little or no business rates.
This grant will give a one-off payment of £10,000 to your business if it’s eligible, in order to help it meet ongoing business costs during this financially stressful time. Your business must be based in England, occupy property and be receiving small business rate relief or rural rate relief as of 11 March.
If your business qualifies for the scheme, you’ll be contacted by your local authority, but again some authorities are operating application processes. Enquiries need to be directed to your relevant local authority.
These announced measures are subject to change. So, it is essential for any business to keep up to date through the GOV website, to see if things have changed.
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