All information contained on this site is believed to be correct at the time of going to press though it is advised that no direct reliance is placed solely on this website and that employers and individuals take advice from their usual legal advisor prior to taking any action.
Chancellor Rishi Sunak announced a series of measures to help the business world address immediate requirements as a result of the Coronavirus pandemic and its impact on business. As details of the exact legislation emerges we are providing updates on how these incentives can be accessed by our clients.
Small business grant funding of £10,000 for all business in receipt of Small Business Rates Relief (SBRR) and Rural Rate Relief
The government are providing funding for local authorities to support small businesses that currently pay little or no Business Rates because of Small Business Rate Relief (SBBR).
Businesses that qualify for small business rate relief have a property rateable value is less than £15,000 and the business only uses one property (there are some exceptions).
This incentive will provide a one-off grant of £10,000 to businesses currently eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs.
It is hoped that the funds will be with businesses by the end of April at the latest. Grants do not need to be repaid.
The emerging advice is that this will be processed by local authorities automatically. Clients should keen a keen eye out for correspondence from the local authority in this respect.
Further information can be found here: https://www.businesssupport.gov.uk/small-business-grant-funding/
Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
The government are to provide support for local authorities to award grants to small businesses in the leisure, tourism and hospitality sectors.
This will provide a one-off grant of £25,000 to businesses in those sectors with rateable values between £15,000 and £51,000, to help meet their ongoing business costs. It is hoped that the funds will be with businesses by the end of April at the latest.
Emerging advice suggest that the £25,000 is expected to be processed automatically by local authorities who will write to businesses that qualify.
Businesses are advised that they will be eligible if the business is based in England, the business is in the retail, hospitality and/or leisure sector, and the business uses a relevant property.
Properties that will benefit from the relief will be occupied properties that are wholly or mainly being used:
- as shops, restaurants, cafes, drinking establishments, cinemas and live music venues
- for assembly and leisure
- as hotels, guest and boarding premises and self-catering accommodation
Businesses with a rateable value of £51,000 or over are not eligible for this scheme and businesses which are not ratepayers in the business rates system are not included in this scheme.
We are not aware of the process if a business does not receive a letter but believe they qualify. As soon as we know more about the logistics of the process we will provide further update.
Further information can be found here: https://www.businesssupport.gov.uk/cash-grant-for-retail-hospitality-and-leisure/
We’re here to help
With all the legislative changes and updates over recent days in these ever changing and uncertain times, our teams are briefed and here to help you and your business.
Whilst our physical offices are closed following the ‘lock down’ advice, the team at NR Barton are working remotely from home. If you have any questions you should not hesitate to contact your engagement partner or manager who will be happy to assist; our contact details can be found here.
For anyone unsure of who to contact, we are still answering phones (01942 242245) and we are answering emails to accounts@nrbarton.co.uk.
We’re here to help.
All the best
The NR Barton team
Want to read more of this?
With the fast changing environment of information and support, NR Barton have set up a dedicated mailing list where business owners and individuals get e-shots as soon as legislation has been digested. This is relevant and tailored to business owners.
To register click here: http://eepurl.com/gW1NnT
Alternatively read all our articles in our Covid-19 hub here: https://www.nrbarton.co.uk/news/blog/category/covid19/
