In addition to the business rates holiday for tax year 2020/2021, the government announced a £25,000 grant for businesses in the retail, hospitality and leisure sectors, who are operating from premises with a rateable value of between £15,000 and £51,000. In addition, all retail, leisure and hospitality companies will be exempt from business rates for the 2020/2021 tax year.
Properties that will benefit from the relief will be buildings that are wholly or mainly being used:
as shops, restaurants, cafes, drinking establishments, cinemas and live music venues for assembly and leisure
as hotels, guest & boarding premises and self-catering accommodation
For the relief, you won’t need to take any action as it will be applied to your next rates bill in April 2020. However, the government warns that the local authority may have to reissue your bill immediately to exclude the business rate charge. They’ll do this as soon as possible. The government will also review the long-term future of business rates, a property tax which many say is unfair given the rise of online shopping and out-of-town retail parks. Any questions about the reliefs should be directed to your local authority.
How do I get the grant?
Some councils are now releasing the link to apply for the grant. You’ll need to keep checking in with your local authority, but for businesses who should be applicable in Milton Keynes, you can now apply here: