During these challenging ‘COVID-19’ times, the government has released a giant support package for businesses.
Business rates are just one of the many areas where support is being provided.
Like many of the grants available, unfortunately this one does not cover all business circumstances.
What support is available for business rates?
If your business is based in a building that is registered for business rates, with a rateable value of under £12,000 (and therefore you already receive Small Business Rates Relief), you will be eligible for a £10,000 grant.
In the retail, hospitality or leisure sector and based in a building registered for business rates? You will be eligible for a £10,000 or £25,000 grant, depending on the ‘rateable value’ of your premises:
- Under £15,000 you will receive £10,000
- Between £15,001 – £50,999 you will get £25,000
If you are in the retail, hospitality or leisure sector, you will also not have a business rates bill in this year (20/21).
This 100% relief has been extended, as of the 18th March, to Nurseries listed on Ofsted’s Early Years Register.
If you are outside of these sectors or rateable values, unfortunately there is no grant available.
How can I find out my Rateable Value?
Your business’ ‘Rateable value’ is located on your business rates bill.
You needed to be registered for rates as at 11th March 2020 to be eligible.
As a result, it is crucial you make sure your bill has the correct business details on it.
Most local authorities have now written to businesses to invite them to apply online for the grant.
Presuming you have your business rates reference (shown on your bill), the process is fairly straightforward, and the money should arrive with you soon after.
When can I expect to receive support?
We’ve seen various reports in terms of turnaround time, from 7 days to 3 weeks depending on the local authority, but it is clear money is now being paid.
If you believe you should be due this grant and have not heard anything from your local authority, contact them as soon as possible.
For all the latest news of business support for COVID19, be sure to check out heelanassociates.co.uk/COVID19 , our daily updated blog.