Keeping Businesses Updated

These are exceptionally challenging times for all businesses and we are currently working really hard with Central Government to get clarity over the measures announced in the budget and other emergency measures that are going to be rolled out.  We expect to get advice this week and we will be putting staff in place to make sure that we can administer the emergency measures.  Please keep an eye on our website and social media for updates and announcements as they become available.

Measures in the Budget 2020

As you may have seen, in the Chancellor's Budget on the 11 March, the Government has announced a series of measures to help certain types of small businesses. At present, we are still waiting for the details from Central Government and as soon as we have received this guidance, we will be able to confirm your eligibility for the reliefs which have been announced.

Your Current Business Rates Bill

If your business has a rateable value of £51,000 or greater and is not a public house your bill will be correct.

The Government has announced that to support small businesses affected by coronavirus, there will be 100% business rates relief for businesses eligible for the retail discount.

So eligible businesses with a rateable value of less than £51,000 will be eligible for a tax holiday for a year for 2020/21. This applies to shops, cinemas, restaurants and hotels (as long as your rateable value is less than £51,000).

This does not apply to all businesses with a rateable value of less than £51,000. It is only businesses who previously qualified for the retail discount and it has been extended to include some of the hospitality sector.

If you are a qualifying business (your current bill will show one or more of the following reliefs: 50% Retail Discount, Small Business Rate Relief, or £1,000 Public House Relief) you will be sent a revised bill in due course. If the revised bill means you have overpaid your 2020 business rates bill, you will be refunded.

£3,000 Grant for Small Businesses Rate Relief or Rural Rate Relief

We currently have no additional details about the  £3,000 grant that the Government has announced for business currently receiving Small Business Rate Relief or Rural Rate Relief. We are currently waiting for Central Government to issue us with guidance on how to distribute this grant of £3,000 to the businesses which are eligible to receive it.   As soon as we receive the Government guidance on this grant, we will contact the businesses which will be eligible for the grant.

Council Tax - Hardship Fund

The Government has also announced a new £500 million Hardship Fund so we can support economically vulnerable people and households, to be administered by the Council.

The Government expects most of this funding to be used to provide more council tax relief, either through existing Local Council Tax Support schemes, or through similar measures. The Government will set out more detail on this funding, including allocations, shortly.

We will send out further update bulletins as soon as we have more information from Central Government.

Further Information

Click on the link below for more guidance for employers and businesses.