Are you confused about the Business Grants and Business Rates Relief?
Well don’t be - here at Davies and Co we are helping our clients in these unprecedented times, delivering knowledge and success for businesses throughout the UK during the coronavirus pandemic.
In so many profound ways this emergency is touching all our lives. We’re learning too that working together we can succeed and become even stronger. This month Davies and Co has helped several businesses find their way through the following Government initiatives.
COVID-19 Business Grants
If you believe you are eligible for a Small Business Grant or a Retail, Leisure and Hospitality Grant, you will need to register your details with your local billing authority. Your local authority will have links, on their websites, to the forms that you need to complete in order to apply.
Two business grant schemes
The Small Business Grants Fund and the Retail, Hospitality and Leisure Grants Fund, were announced by the Chancellor on 11 March and 17 March 2020.
This funding is to support small, rural, retail, leisure and hospitality businesses with their ongoing business costs in recognition of the disruption caused by COVID-19.
- The Retail and Hospitality Grant Scheme allows businesses in these sectors with a property that has a rateable value of £15,000 and under to receive a cash grant of £10,000.
- Properties with a rateable value of between £15,000 and £51,000 will receive a grant of £25,000.
COVID-19 Business Rates Relief
If you believe you are eligible for Business Rates Relief you will need to register your details with your local billing authority. Your local authority will have the links, on their websites, to the forms that you need to complete in order to apply.
- Tens of thousands of England's retail, leisure and hospitality firms will not pay any business rates in the coming year, the chancellor has announced.
- This relief will apply to occupied retail, leisure and hospitality properties in the year 2020/21. There will be no rateable value limit on the relief.
- The measure applies to firms including tourist attractions, restaurants, markets, garden centres.
- Business rates are a tax on properties that are used for commercial purposes, and are charged based on an estimate of what it would cost to rent the property on the open market: the "rateable value".
- Pubs, caravan parks, gyms, sports clubs and shops, will also benefit.
For guidance and more information please visit:- https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/877758/Expanded_Retail_Discount_Guidance_02.04.20.pdf