The government has announced that they are increasing the cash grant that they are offering to small businesses from £3,000 to £10,000 in order to aid them through the cornonavirus outbreak.
Those who are responsible for the business rates on their premises and who qualify for Small Business Rates Relief (SBBR) or Rural Rate Relief will be able to attain the funding.
For businesses in the retail, hospitality and leisure sectors, an increased grant of £25,000 will be available if they operate from a premises which has a rateable value between £15,000 and £51,000.
The government is also helping those businesses in these sectors by exempting them from any business rates for the 2020/21 tax year
Properties that will benefit from the relief will be buildings 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 & boarding premises and self-catering accommodation
You won’t need to take any action – the relief will be applied to your next council tax bill in April 2020. However, the government warns that the local authority may have to reissue your bill immediately to exclude the business rate charge. They’ll do this as soon as possible.
Once the grants are up and running, it has been stated that the local authorities will contact you. However, there are now application forms on individual councils websites. Going through this process may speed up any claim you’re entitled to.
Many have welcomed these measures by the government, especially when business rates have been the subject of much speculation in recent times, with many saying that the property tax seems unfair given the rise of online shopping.
Any questions about the reliefs should be directed to your local authority.
