GRANTS FOR SMALL BUSINESSES AND REDUCTION IN BUSINESS RATES

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As previously announced the Government is providing financial support to small businesses by reducing business rates and giving grants.

Support for businesses that already pay reduced or no rates

The government is providing Small Business Grant Scheme funding to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This is a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

Eligibility

You are eligible if:

  • your business is based in England
  • you are a business that occupies property
  • you are receiving small business rate relief or rural rate relief as of 11 March 2020

 

How to claim

The grant should be claimed from your local authority.  The Business Rates team at your local authority will be writing to you about this in the coming days.  Visit your local authority’s website to find out further information on how this grant claim will be administered.

Support for retail, hospitality and leisure businesses

Rates

There will be a business rates holiday for the 2020-21 tax year for businesses which operate in the retail, leisure and hospitality industry. The business rate relief for businesses within these sectors will be automatically applied to your bill, irrespective of rateable value, and you do not need to do anything.

Grant

Businesses with a rateable value up to £15,000 will also be eligible for a grant of £10,000 and those with a rateable value over £15,000 and under £51,000 will be eligible for grant of up to £25,000.

The Business Rates team at your local authority will be writing to you in the coming days.  Visit your local authority’s website to find out further information on how this grant claim will be administered.

If you are in the Wealden District Council area they have setup an online claim form.  Visit their website for more information. https://www.wealden.gov.uk/news-and-events/coronavirus-covid-19-latest/

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Emma is an employee of Redshield Chartered Accountants
Amanda is an employee of Redshield Chartered Accountants

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