THE ANNOUNCEMENTS AFFECTING SMALL BUSINESSES AND THOSE IN THE RETAIL/LEISURE INDUSTRIES
Chancellor Rishi Suna last week delivered his first Budget in the House of Commons with several significant announcements affecting small businesses and those operating in the retail and leisure sectors.
The Chancellor announced a ‘business rates holiday’ for those operating in the retail, leisure and hospitality sectors with a rateable value of less than £51,000. This includes shops, cinemas, theatres, restaurants, art galleries, gyms, caravan parks, cafes, small hotels, sports clubs and night clubs – all business that would be hard hit if customers chose to stay away to reduce the risk of contracting coronavirus.
Businesses that qualify for small business rates relief will be eligible for cash grants of up to £3,000.
Businesses and the self-employed will also benefit from a ‘scaling up’ of the HMRC’s “Time to Pay” service via a new helpline to assist with the deferment of tax payments.
Business rate discounts for public houses will rise from £1,000 to £5,000 this year.
Small businesses will also be able to access a “business interruption” loan of up to £1.2M.