18 May CORONAVIRUS – SUPPORT FOR YOUR BUSINESS
In the most recent Budget, the Chancellor announced that all businesses eligible for Small Business Rates Relief and Rurual Rates Relief would receive a grant of £3,0000 each to help with the impact of Coronavirus.
On 17 March 2020, the Chancellor confirmed that the Government would increase the value of this to £10,000 per business.
On the 17 March 2020 the Government also announced that it would provide those businesses in the retail, hospitality and leisure sectors with an additional cash grant of up to £25,000 per business.
Recipients will receive one grant per eligible property:
- For businesses in these sectors with a rateable value of under £15,000, they will receive a grant of £10,000
- For businesses in these sectors with a rateable value of between £15,000 and £51,000, they will receive a grant of £25,000
The Government has stated that in cases where there are clear errors in the rating list as of 11 March 2020, Local Authorities may, at their discretion, award the grant based on their view of which businesses would have been entitled.
Revaluation of business rates will no longer take place in 2021, to help reduce uncertainty for businesses affected by impacts of COVID-19.
Appealing against your Rateable Value now gives your business the opportunity to ensure that the valuation is altered with an effective date of 1 April 2017, meaning that your business may fall within the eligibility criteria.
Feel free to contact one of our professional assessors to see if you have a claim for reducing your rateable value during these troubling times with Coronavirus.