Small Business Rates Relief
Retail, hospitality, and leisure sector businesses will pay no business rates for 12 months (no matter what their rateable values are) and if they have a rateable value of less than £51,000, they may also be eligible for the Retail Leisure & Hospitality Grant Scheme
Rate relief applies to every single shop, pub, theatre, music venue, restaurant – and any other business in the retail, hospitality or leisure sector.
All local authorities are working with the Coventry and Warwickshire Growth Hub, the Chamber of Commerce and the Federation of Small Businesses to provide responsive and effective support. Your borough or district council is already updating business rates bills to reflect the new discounts and measures announced by the Chancellor. They intend to have these ready before Direct Debits are due to be paid starting on 1 April 2020. Businesses that are eligible do not need to apply. The authorities across Coventry and Warwickshire are also preparing to administer the government’s small business grants and other support measures. They will publish details of how to apply for these, and who is eligible, as soon as they have them.
Deferred VAT Payments
UK VAT registered businesses who have have a VAT payment due between 20 March 2020 and 30 June 202o have the option to defer payment until a later date. This does not cover VAT MOSS payments. No interest or penalties will be charged on the amount deferred.
VAT returns will still need to be submitted on time and businesses who defer will need to pay the VAT due on or before 31st March 2021.