Earlier this year, the government extended the year-long business rates holiday in England by another three months. This took the scheme up to 30 June 2021 and all eligible retail, hospitality and leisure businesses who have been impacted by coronavirus have been able to take advantage of the payment break.
What happens from 1 July?
Although business rates will be reintroduced from July 2021 onwards, companies will only pay a third of their normal charge for the rest of the financial year.
A maximum discount of £2 million is available to non-essential retail firms who were forced to close on 5 January 2021 due to England’s third lockdown. Other eligible properties can get a discount of up to £105,000 per business.
If you would like information about any of the other schemes available to businesses, please get in touch and we’ll be happy to help.
While there has been plenty of support for eligible businesses over the last 18 months, there are concerns that more help should be made available while companies try to get back on their feet.
Helen Dickinson, chief executive at the British Retail Consortium commented:
“Without more funding, it’s likely that many non-essential retailers will struggle under sluggish consumer demand and high COVID-19 costs. The business rates system remains broken and it’s vital that the ongoing business rates review delivers on its promise to reduce the burden on retail, which already results in store closures and job losses.”
A fundamental review into the business rates system in England is due to be published in the autumn.
If you would like further information about the business rates holiday or any of the other schemes which have been designed to support struggling businesses during COVID-19, please don’t hesitate to get in touch.
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