Cash Grants

19/05/2020

Business Rates Relief

To help high street businesses in England, all retail, leisure and hospitality business will pay no business rates in 2020-21.

The scheme applied to the next council tax bill that occurred in April 2020. However, local authorities may have to reissue bills automatically to exclude the business rate charge. They will do this as soon as possible.

£10,000

All businesses with premises in England, who are eligible for small business rate relief or rural rate relief and have a tradeable value below £15,000 will be eligible for the grant. The Government stated that the various local authorities are responsible for writing to you regarding this.

£25,000

A further grant of £25,000 will be available to those in retail, hospitality and leisure who operate from smaller premises, with a tradeable value over £15,000 and below £51,000. Again – the local authorities are responsible for writing to you regarding this.

Shared Property Business Grant

The Government has made available grant funding for businesses that share working spaces, and which therefore miss out on existing coronavirus support schemes.

The local authority discretionary grant fund, announced on Saturday, May 2, is aimed at small businesses with ongoing fixed property-related costs and is worth £617 million in total – a 5% increase on the £12.33 billion already pledged.

The existing grants are delivered via English councils and provide payments of either £10,000 or £25,000 to companies paying business rates depending on the ratable value of their business property.

Businesses must have less than 50 employees, trading on or before March 11, 2020, and they must be able to demonstrate that they have suffered a significant drop of income because of the coronavirus restriction measures.

Market traders, street food pop-ups and those using co-working office spaces don’t pay business rates which is why this additional scheme was considered necessary.

In addition, businesses claiming the new grant will be expected to demonstrate that they have ongoing fixed building-related costs and have suffered a fall in income due to COVID-19.

Those already claiming via existing grant schemes or through the Self-employment Income Support Scheme will not be able to access this additional funding.

Prydis

This article was written by Prydis

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