Government announces further support for UK businesses
Michael Chadwick, founding Director at Chadwick & Company, gives details about a business rates holiday and small business grants now available to companies.
Business rates holiday
The Government has introduced a business rates holiday for the hospitality, retail and leisure industry for the tax year 2020 /21.
Properties that will benefit are:
- shops, restaurants, cafes, drinking establishments, cinemas and live music venues
- for assembly and leisure for hospitality
- as hotels, guest and boarding premises or self-catering accommodation.
Nurseries may be entitled to a 12 month rates holiday from local authorities too.
You do not need to apply for the holiday, your local council will reissue your bill to provide the support.
Businesses in these sectors occupying a property with a rateable value of up to £15,000 may be eligible for a grant of £10,000. Whilst businesses in the same sectors with a property of rateable value over £15,000, but less than £51,000, may be eligible for a grant of £25,000.
There is additional help available for small businesses in other sectors (not listed above). Local authorities can issue grants of up to £10,000 to companies who pay little or no business rates. This is to help with general expenses.
Again, there is no need to apply, your local authority will contact you to discuss the provision of the grant.
We are here to help
If you would like to talk to a qualified accountant about these measures, or any other financial matter, then please do not hesitate to get in touch. We are now operating a ‘virtual office’ with Directors and Senior Managers still available to respond to calls and emails, so we are on hand to offer support and guidance for your business throughout this testing time.