Following the enforced ‘lockdown’ of almost all businesses in the retail, hospitality and leisure sectors, the government has pledged to support such organisations with an urgent relief package.

These businesses, forced to close their doors to paying customers in order to halt the spread of the Coronavirus, are facing an indefinite period of absent sales revenue.

Hence the measures announced for such organisations are far greater in scope than those offered to other sectors, such is the immense impact on their working capital.

The first measure is a major cash injection in the form of a cash grant of up to £25,000 per annum per business property.

The amount up to this cap received by businesses with premises in these sectors is dependent on their rateable value.

For those with a rateable value under £15,000, a cash grant of £10,000 will be issued.

For those with larger premises of rateable values ranging £15,001 to £51,000, the grant is increased to £25,000.

Moreover, there will be a full business rate holiday for the 2020-2021 tax year, representing a potential huge saving for those with bigger premises in this sector. 

These schemes will be administered by local authorities, who aim to be in touch with eligible organisations within two weeks.

Ask Us For Help

 We are here to help and have set up a dedicated team to help you during this crisis. 

If you are considering using these schemes or have any queries about these measures, please email coronavirus@switchaccountants.co.uk and we will contact you to discuss your exact situation.