Covid-19: Business Rates Relief
Due to the outbreak of Covid-19, the Government have introduced a number of initiatives to help with businesses in the UK and their business rates. They have adopted a new strategy that offers help to the retail, leisure and hospitality sectors. Unfortunately, there are no new strategies available within the office and industrial sectors.
Dobbin & Sullivan have highlighted these reliefs and urge all those eligible to seek the necessary advice they can to ensure they survive through the pandemic and obtain the government assistance that is being made available during these unprecedented times.
Expanded Retail Discount
For the entire financial tax year 2020/2021 businesses in the retail, leisure and hospitality industry will benefit from a business rates holiday. In short, this includes shops, restaurants, cafés or bars. Cinemas or music venues, leisure premises to include gyms, sports centres and clubs. Hotels, some self-catering accommodation and guest houses. To check if you are eligible we recommend visiting the Governments advice pages by clicking here to find out whether your business is included.
The business rates holiday will last the entire financial year to try and aid recovery from the pandemic. This should be automatically assigned to your account with the local authority, but Dobbin & Sullivan would urge businesses who are eligible to check with their bank and financial advisers that they are benefiting from this rates holiday.
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The Government has also adopted another initiative to help struggling businesses with a grant funding scheme. This is also targeting the retail, leisure and hospitality sectors. This will be available in 2 forms, the Small Business Grant Fund and the Retail, Hospitality and Leisure Grant and will allow businesses to benefit from a grant provided by the Government but claimed through your local authority.
Small Business Grant Fund
Businesses with a property that on 11th March 2020 was eligible for small business relief, which is a property with a rateable value of up to and including £15,000, will be entitled to a grant up to £10,000.
Retail, Hospitality and Leisure Grant
A business will benefit from the grant if their rateable value was £51,000 or less on 11th March 2020 and will be eligible for grants between £10,000 and £25,000 per property. As above, eligible property with a rateable value up to and including £15,000 will have a grant available of £10,000 with businesses between £15,000 and £51,000 as a rateable value will benefit from a Government grant of £25,000.
Please note that some exclusions will apply which include unrated property, parking spaces and businesses as of 11th March in liquidation or dissolved. Only one award per hereditament and rateable values over £51,000 will be excluded.
To check your Rateable Value please visit the Business Rates calculator
There are other Government support schemes available and with their new online finder, we would urge businesses to check the Support Finder for further information.
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Please note the figures, dates and facts stated are believed to be correct as of 21st April 2020 but with an ever changing scenario that Covid-19 is creating, these may be subject to change.