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Businesses in retail, hospitality and leisure hit by the Coronavirus outbreak will now benefit from extended Business Rates reliefs and cash grants. Vickery Holman Property Consultants have offered their advice to any business who may be uncertain whether they qualify.
‘Our team of Business Rates consultants are waiving their fees for businesses in the retail, hospitality or leisure industries looking for advice on the new reliefs and grants on business rates. We understand the complex rules around Business Rates extremely well and those insights might make all the difference to a business’ explained Rebecca Cook. ‘We have a highly experienced team right across the South West and we’re ready to provide support and advice at a time of crisis for many businesses.’
Within the last week Chancellor Rishi Sunak announced an extended set of financial measures to support the UK economy through the coronavirus pandemic. These measures included extended Business Rates reliefs and cash grants.
The Budget announcement confirmed businesses in the retail, hospitality and leisure sectors with a Rateable Value (RV) below £51,000 would benefit from 100% Business Rates relief for the next financial year. Monday’s announcement saw the Government extend this support to all businesses within these sectors, irrespective of RV, meaning there will be no Business Rates to be paid for 12 months.
A cash grant will also be available to those businesses in retail, hospitality and leisure, with a RV between £15,000 and £51,000, of up to £25,000. All businesses currently in receipt of Small Business Rate Relief or Rural Rate Relief will have grant funding of up to £10,000.
‘We recognise the challenges many businesses within these sectors are now facing, without the added pressures and difficulties of navigating the Business Rates system. Our dedicated team of Business Rates experts would like to offer their advice and support, without cost or obligation, to local businesses, within these sectors, to ensure they are receiving the full benefit of these specific reliefs and grants’ added Rebecca.
Please contact your local Vickery Holman office, without cost or obligation, to discuss with a member of the Business Rates team.