Additional relief available for small businesses
The chancellor has announced a number of relief measures to help small business through this difficult time. Just two of these are the small business rate relief (SBRR) and small business grant fund.
Typically, SBRR applies to any UK business with premises with a rateable value of £15,000 or less a year. Businesses with a rateable value of below £12,000 per year pay no rates, and then it is graduated from £12,001 to £15,000 per year.
If your business receives SBRR you may be eligible to receive a one-off grant of £10,000 from the small business grant fund in April 2020.
Eligible businesses can apply for SBRR and the small business grant fund via their local authority, based on their trading premises address. This is done online and includes submission of bank and contact details. Please note the form does not provide a confirmation that it has been submitted successfully so we recommend following this up.
The government is likely to make frequent announcements about support for businesses, so do ensure your local authority has your current contact details.
For up-to-date information including eligibility, please visit the governmental business support pages here.
You can also find your local authority here.