Business rates relief
The Government has now released details of the expanded business rates relief, this can be found here. Covering how the relief will be provided; which properties will benefit from the relief; state aid; and splits, mergers, and changes to hereditaments.
- a £25,000 cash grant to retail, hospitality and leisure businesses in smaller premises with a Rateable value below £51,000
- Increasing the proposed £3,000 cash grant to 700,000 small businesses (those eligible for Small Business Rate Relief) to a £10,000 cash grant.
- Expanding the 100% business rates holiday for the next 12 months to cover all retail, hospitality and leisure businesses in England
Details of how these grants will be accessed is due to be announced in a news conference 20 March 2020. However, we have been informed by some tenants they have already been approached by Council officials in respect of these grants.
However, If you’ve received a business rates bill you DO still need to pay it – and then get refunded. We expect more detail later this week.
The Government Support Package
This includes a package of measures to support businesses including:
- a Statutory Sick Pay relief package for SMEs
- a 12-month business rates holiday for all retail, hospitality and leisure businesses in England
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
- a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- the HMRC Time To Pay Scheme
for small businesses full details can be found here
The Business Interruption Loan Scheme
At Budget 2020 on Wednesday 11 March, the Chancellor announced a ‘Coronavirus Business Interruption Loan Scheme’, and that it would become available ‘over the coming weeks’.
This has been brought forward, and we now expect the new scheme to become available in week commencing 23 March 2020.
details can be found by clicking here
Support for businesses paying tax: Time to Pay service
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
THINKING OF SELLING YOUR BUSINESS?
For a fully confidential discussion with one of our senior brokers please call 0161 233 9090 today!
Keep up to date with the latest sales trends and market activity on our news section here