KMA Accountancy – Coronavirus Business Support In The Form Of Rates Grants

“KMA Accountancy – Coronavirus Business Support In The Form Of Rates Grants”

 

 

In this video Kim talks about the help and support that is available to UK businesses in the form of rates grants!

 

Hi, Kim here from KMA Accountancy, and another of my help guide videos on the help and support that’s available as a result of the Coronavirus pandemic. Okay, today I wanted to talk to you about if you qualify for the Small Business Rates Relief Grant. Basically, if you have premises and you qualify for Small Business Rates Relief or the Rural Rates Relief, then you will be eligible for a £10,000 government grant. Now this is taxable and will obviously go in as income, but you’ll have costs of the premises to offset, so it should effectively be tax neutral.  

Effectively it will come out to you from your local authority so you shouldn’t have to do anything, although we are hearing that clearly because there is so much for local authorities, in fact everybody, to do right now, that actually a lot of local authorities have set up a web page and have asked you to actually apply online. So, I think what you’ll need is your rates reference number, and you’ll put that in online with your bank details etc and it will all track through and ultimately that should either arrive in your business bank, or it will arrive in a cheque form. We’re not totally sure on that.  

Now if you are in the hospitality, leisure, and retail sectors, and your rate-able value is between £15,000 and £51,000, then you will actually qualify for a £25,000 grant. And again, this will work in the same way, and we also believe that there’ll be a business rates holiday for 2021 for you and again the local authority will deal with that and issue a nil-rated invoice on that. 

So, I hope that’s been helpful. It is for businesses operated in the UK, based in UK, but there are a similar schemes we believe if your business is best in Wales or Scotland. But obviously, you’ll need to look on the government websites just to check on the criteria.

So I hope that’s been helpful. If you are looking for information on Job Retention Scheme, or on the self-employed, or on the Coronavirus Business Interruption Loan scheme, then there are other videos that I’ve done to tell you how to go about, and what the eligibility is, and how to actually claim for those. 

So, I hope that’s helpful. If you need any help, just shout.

Otherwise, look out for some more of my videos on what help is available.

KMA Accountancy Business Survival Toolkit

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That’s it from Kim at KMA Accountancy, the most recommended and referred Accountant in South Manchester and Cheshire.

 

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That’s it for this edition of KMA’s Help videos regarding Coronvirus and help available to small businesses.

If we can help with anything included in this edition or if you’d like to talk to us about anything Accountancy or Business Development, please get in touch.

Call us now on 0161 410 0020.

 

Disclaimer
The comments above do not count as advice on which you should rely on. It is provided for general information purposes only. Professional or specialist advice should always be sought before taking any action relating to the above. We make no representation, warranty, or guarantee that the comments above will meet your requirements. The comments above are subject to change.

 

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