In his Budget speech, The Chancellor announced a new grant linked to business rates, so for those businesses with premises.
The new ‘Restart Grant’ is payable to businesses in England, who pay business rates in the non-essential retail, hospitality, accommodation, leisure, personal care or gym sectors, who were trading on 1st April 2021.
Two types of grant
The Restart Grant is split into two types:
- A one-off grant of up to £6,000 for businesses in the non-essential retail sector
- A one-off grant of up to £18,000 for businesses in the hospitality, accommodation, leisure, personal care or gym sectors
The grant amount depends on your ‘rateable value’ of your premises.
Grants for non-essential retail
The grants available are for properties with:
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- A rateable value of £15,000 or under, the grant will be £2,667
- A rateable value of over £15,000 and below £51,000, the grant will be £4,000
- A rateable value of £51,000 or over, the grant will be £6,000
Grants for hospitality, accommodation, leisure, personal care and gyms:
The grants available are for properties with:
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- A rateable value of £15,000 or under, the grant will be £8,000
- A rateable value of over £15,000 and below £51,000, the grant will be £12,000
- A rateable value of £51,000 or over, the grant will be £18,000
When is the new grant available?
The new ‘Restart Grant’ will be available from the 1st April 2021, although some councils have not yet opened the applications up (at the time of writing).
You will need to apply to your council fro the grant as they are issued by local councils, similar to the previous grants.
The deadline for Restart Grant applications is before midnight on Wednesday 30th June 2021, so make sure you apply in good time.
- To find your local council, use this tool: Find local council
Restart Grant exceptions
There are several exemptions so you should check the Gov.uk website to be sure you can apply. To find out if you are eligible for the Restart Grant, read HM Revenue & Customs guidance here.
It’s likely that if you have already received a grant from your local authority that was business-rate related, they will have your information already and may pay this new grant automatically. So, keep an eye on your bank balance!
Can my accountant apply for this grant for me?
No, you need to apply yourself via your local council website. It’s been a fairly painless process so far for most businesses, in our experience.
Need any extra help with your accounts in general?
If you don’t have an accountant, or feel you aren’t making the most of the various grants and benefits your business may be eligible for, we’d love a chat about how we can help.