COVID-19: Support for businesses – Grant Funds & Rates Relief

covid-19

Date

Apr 14, 2020

Categories

Covid-19

PAGE UPDATED 14/04/20

A package of measures has been made available to support public services, people and businesses through the period of disruption caused by COVID-19.  This package includes grant funding for small businesses, and grant funding as well as business rates relief for retail, hospitality and leisure businesses.

 

Small Business Grant Fund

If you run a small business which pays little or no business rates due to Small Business Rates Relief (SBRR) or Rural Rates Relief (RRR), the Government has made additional funding available for local authorities to support you through Covid-19.  Small businesses which qualify for these reliefs will receive a one-off grant of £10,000 to help meet their ongoing business costs.

If your business is eligible for SBRR or RRR then you will be contacted by your local authority – you do not need to apply.  Guidance has been issued to local authorities and they will have written to businesses directly with details of how to claim the grant.

You are eligible if:

  • your business is based in England
  • you are a small business and already receive SBRR and/or RRR
  • you are a business that occupies property

Any enquiries on your eligibility for, or provision of, the reliefs and grants should be directed to the relevant local authority. To find your local authority: https://www.gov.uk/find-local-council.

 

Retail, Hospitality and Leisure Grant

The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property. For businesses in these sectors with a rateable value of under £15,000, they will receive a grant of £10,000. For businesses in these sectors with a rateable value of between £15,001 and £51,000, they will receive a grant of £25,000.

You are eligible for the grant if:

  • your business is based in England
  • your business is in the retail, hospitality and/or leisure sector

Properties that will benefit from the relief will be occupied hereditaments that are wholly or mainly being used:

  • as shops, restaurants, cafes, drinking establishments, cinemas and live music venues
  • for assembly and leisure
  • as hotels, guest and boarding premises and self-catering accommodation

Accessing the scheme:
You do not need to do anything. Your local authority will have written to you if you are eligible for this grant.  Full guidance has now been made available by the Government.  Any enquiries on your eligibility for, or provision of, the reliefs and grants should be directed to your relevant local authority.  To find your local authority: https://www.gov.uk/find-local-council.

 

Business rates relief

There will be a business rates holiday for retail, hospitality and leisure businesses in England for the 2020/2021 tax year. Properties that will benefit from the 100% rates discount are occupied hereditaments that are wholly or mainly being used:

  • as shops, restaurants, cafes, drinking establishments, cinemas and live music venues
  • for assembly and leisure
  • as hotels, guest & boarding premises and self-catering accommodation

Businesses that received the retail discount in the 2019/2020 tax year will be rebilled by their local authority as soon as possible. You won’t need to take any action – the relief will be applied to your next council tax bill in April 2020. However, the government warns that the local authority may have to reissue your bill immediately to exclude the business rate charge. They’ll do this as soon as possible.

Visit https://www.gov.uk/calculate-your-business-rates if you wish to estimate the business rate charge you will no longer have to pay, and find further guidance at: https://www.gov.uk/government/publications/business-rates-retail-discount-guidance.

The government will also review the long-term future of business rates, a property tax which many say is unfair given the rise of online shopping and out-of-town retail parks.

 

We understand that these are really challenging times for UK businesses, and we are keen to do our best to help.  If you would like one of the team to call you and provide advice then please do email us and we’ll be in touch as soon as possible.

 

Summary
COVID-19: Support for UK businesses - Grant Funds & Rates Relief
Article Name
COVID-19: Support for UK businesses - Grant Funds & Rates Relief
Description
Support for UK businesses during COVID-19 includes grant funds for small businesses and retail, hospitality and leisure businesses
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Publisher Name
Paish Tooth
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