Business Rates and Coronavirus

//Business Rates and Coronavirus

Business Rates and Coronavirus

Update from Cornwall Council

 

Following on from the budget announcements, the Chancellor gave a further update on 17 March 2020. This was where the current relief arrangements for certain types of businesses were announced.

  • 100% Rate Relief to eligible businesses including shops, cinemas, hotels, theatres, restaurants. As well as any other business in the retail, hospitality or leisure sector.

  • To support these businesses the Government will also provide grant funding of up to £25,000 to help meet their on-going business costs. This should impact 700,000 businesses nationally and will be distributed to Local Authorities.

  • Where a business receives Small business rate relief and does not fall into one of the categories detailed above, grants of up to £10,000 will be available to support these businesses

  • The £1,500 discount for local newspapers will be extended for another five years to March 2025.

  • Nursery schools which are not operated by local authorities will pay no business rates in 2020/21 from 1 April.

  • The Government will bring forward legislation to provide mandatory 100% business rate relief for stand-alone public lavatories in England from April 2020.

  • £11.5m will be invested into the Valuation Office Agency (VOA) to support the modernisation of VOA systems.

  • The Government has committed to a fundamental review of the business rates system, of which the result will be reported in the autumn.

Unfortunately, this announcement has been made after the 2020/21 bills have been printed. Which means the changes to legislation will not be reflected in these bills which are dated 9 March 2020.

We have received Government Guidance about the expanded retail relief. We are now working on identifying accounts to award the relief and send recalculated bills, which will be issued as soon as possible. Where any adjustments result in an account going into credit, a refund will be issued as soon as possible.

 

Business Grant Funding

Businesses do not need to apply for the grants of £10k or £25k.  Payments will automatically be sent to the registered Business Rate payer.  In the meantime, there is no need to contact us.

 

 

By | 2020-03-24T08:34:56+00:00 March 24th, 2020|Uncategorized|0 Comments