Businesses in the Square Mile are being urged to take advantage of measures announced in the Budget to support them through the COVID-19 pandemic, with the City of London Corporation pledging to support firms struggling as a result of the current outbreak.
The Chancellor announced a number of changes in the Budget on Wednesday designed to help small and medium enterprises (SMEs) in particular, including some that directly impact on business rates.
The City Corporation is awaiting confirmation from central Government on exactly how the reliefs will be applied. However, the following additional assistance has been announced:
- An increase to the planned rates discount for pubs from £1,000 to £5,000 for 2020
- A 100% reduction in 2020/21 for businesses in the retail, leisure and hospitality sectors where they have a rateable value below £51,000
- Cash grants of £3,000 to very small businesses with rateable values below £15,000
As a result of these exceptional measures some qualifying businesses or organisations may receive a bill that will require an update for the 2020/21 financial year.
The City Corporation will contact all those likely to be affected by these changes once the exact details of how the reliefs are to be applied is known. Any businesses affected or with queries about their rates should contact firstname.lastname@example.org