- 20th March 2020
- Posted by: Suzy Hill
- Category: Personal Tax, COVID-19 NEWS, Business News
COVID-19 Financial Support for Business
In response to the Covid-19 outbreak the government has released measures to support businesses.
Brearley & Co will be sending a series of emails over the coming days covering,
Support for businesses that pay business rates
- Government will introduce a business rates for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.
- Businesses that received the retail discount in the 2019 to 2020 tax year will be rebilled by their local authority as soon as possible.
- A £25,000 grant will be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
- Any enquiries on eligibility for, or provision of, the reliefs should be directed to the relevant local authority. Guidance for local authorities on the business rates holiday will be published by 20 March
Support for businesses that pay little or no business rates
- The government will provide additional funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR). This 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.
- If your business is eligible for SBRR or rural rate relief, you will be contacted by your local authority – you do not need to apply.
- Funding for the scheme will be provided to local authorities by government in early April. Guidance for local authorities on the scheme will be provided shortly.
In addition, HMRC released information on Time to Pay arrangements for pate and other taxesholiday. Details can be found here