18-03-2020
Business rates relief and grant funding update

It seems from the latest guidance published by Public Health England and Department for Business, Energy & Industrial Strategy that local authorities will be responsible for administering the special COVID-19 business rate relief and grant funding measures recently announced by government. It is understood that the administration of the business rates relief and grant payments will be given the highest priority across local government.

Business rate relief

If your business rates bill for the 2020-21 financial year showed that your business was eligible for 50% retail relief this relief will be increased to 100%. You are not required to contact your local authority and your revised bill will be sent in due course.

If you have a retail business with a rateable value in excess of £51,000 you will now be eligible for 100% business rate relief in 2020-21. This follows the Chancellor’s announcement on 17 March 2020 giving all retail, hospitality and leisure businesses in England a 100% business rates holiday for the next 12 months. Most businesses will have the uplifted relief applied against their business rate account automatically and revised bills will be issued. Any enquiries on eligibility for, or provision of, the reliefs should be directed to your relevant local authority.

Grant funding

A £25,000 grant will be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.

The government also announced new funding to support small businesses that already pay little or no business rates because of small business rate relief (SBBR). A one-off grant of £10,000 to businesses currently eligible for SBRR or rural rate relief will be made to help meet their ongoing business costs. If your business is eligible for SBRR or rural rate relief, you will be contacted by your local authority – you do not need to apply.

Further government guidance on the methodology for paying these grants is expected to be published shortly.

Please note, regional variations may apply.

Source: Department for Business, Energy & Industrial Strategy | 18-03-2020

Back

Post a Comment

Your email address will not be published. Required fields are marked *

*

  • ABOUT US

    the accountancy practice kent logo

    The Accountancy Practice is a Kent based firm specialising in small and medium sized businesses. We provide a friendly, professional service and regard our smallest client as important as our largest.
  • Latest News

    03-04-2020
    Changes announced to Coronavirus Business Interruption Loan Scheme (CBILS)

    Many small ... read more

    01-04-2020
    Tax Diary April/May 2020

    1 April 2020 - Due ... read more

    01-04-2020
    Directors – between a rock and a hard place

    Directors that have ... read more

    More news

  • CONTACT US

    The Accountancy Practice
    10 Churchill Square
    Kings Hill
    West Malling
    Kent ME 19 4YU

    01732 897929

    Fax: 01732 897939
    info@theaccountancypracticeltd.co.uk


    Facebook
    Twitter
    Linkedin
  • Why choose us

    By working more closely with you than traditional accountants, The Accountancy Practice is able to gain a deeper understanding of your individual business needs. We are then on hand to support you with day to day issues and provide ongoing financial and taxation expertise. You can think of us as your virtual Financial Director.