Business rates support for small businesses
Published on Monday, 23rd March 2020
The government have now announced several measures to help small businesses deal with the impact of Covid-19, the measures include:
All businesses eligible for Small Business Rates Relief and Rural Rates Relief will receive a grant of £10,000 per business. All properties occupied by active businesses in receipt of rural rate relief or small business rates relief including those in receipt of tapered relief will receive the grant.
Businesses in the retail, hospitality and leisure sectors, with a rateable value of less than £51,000, will pay no business rates this year, businesses in these sectors will also receive an additional cash grant of up to £25,000 in line with the following:
- Those a rateable value of under £15,000, will receive a grant of £10,000.
- Those with a rateable value of between £15,000 and £51,000, will receive a grant of £25,000.
The government will also be removing the £51,000 rateable value threshold, we are waiting for full details on this.
We will be sending a new bill alongside a letter to explain the policies to the properties affected this week.
The processing of the grants will be actioned towards the beginning of April and we are currently looking into our administration of this and increasing capacity in our Revenues Team so that we can process this as smoothly as possible.
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