The Government have announced they are to introduce a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.
Effective form April 2020, businesses will become eligible for the business rates holiday if they meet the following criteria:
There is no action to take from businesses in order to benefit from the scheme and amendments will be applied to their next council tax bill.
The Chancellor has also announced cash grants for these same sectors to support firms and help them manage cash flows through this period.
Business will be eligible for the grants if they meet the following criteria:
Businesses with a rateable value of up to £15,000 will receive a grant of £10,000.
Businesses with a rateable value of between £15,000 and less than £51,000 will receive a grant of £25,000
There is no action to take from businesses in order to benefit from the scheme. Their local authority will write to you to them if they are eligible for the grants.
Further information can be found from the government website: https://www.gov.uk/
If you have any questions please get in contact with: