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Post Info TOPIC: Business Rates - guidance finally out.


Master Book-keeper

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Business Rates - guidance finally out.


If anyone has tme to read and do a quick precis before close of play, that would be appreciated (by all, even the unspoken ones, Im sure)

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/874772/small-business-grant-fund-and-retail-guidance.pdf

& the expanded scheme

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/873622/Expanded_Retail_Discount_Guidance.pdf

 



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Master Book-keeper

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Happy to be corrected if any of the information below is wrong.

All businesses that are in receipt of Small Business Rates Relief will receive the 10k grant.  This applies to all businesses with a rateable value up to 15k, including those between 12-15k who have tapered relief.

All retail, hospitality and leisure businesses with a rateable value of between 15-51k will receive a 25k grant and pay no business rates in 20/21  (A list of which types of business this applies to is in second link Joanne posted.

All retail, hospitality and leisure businesses with a rateable value of over 51k will not receive a grant but won't have to pay any rates on 20/21

Your local council will issue the grant to the person/business name that was on the Council's rates database as at 11th March 2020

(Not in the links but gleaned from elsewhere)  It is expected that the local councils will begin issuing these grants from early April.   As far as I'm aware the 10k grants will be issued automatically and it is possible that the ratepayer may have to apply for the 25k grant (conflicting info on that second point



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Will these grants be taxable income?

I've had a look at https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim40455  but I'm unsure it's classed as a non trading activity. 

 



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Date:

Leger wrote:

Happy to be corrected if any of the information below is wrong.

All businesses that are in receipt of Small Business Rates Relief will receive the 10k grant.  This applies to all businesses with a rateable value up to 15k, including those between 12-15k who have tapered relief.

All retail, hospitality and leisure businesses with a rateable value of between 15-51k will receive a 25k grant and pay no business rates in 20/21  (A list of which types of business this applies to is in second link Joanne posted.

All retail, hospitality and leisure businesses with a rateable value of over 51k will not receive a grant but won't have to pay any rates on 20/21

Your local council will issue the grant to the person/business name that was on the Council's rates database as at 11th March 2020

(Not in the links but gleaned from elsewhere)  It is expected that the local councils will begin issuing these grants from early April.   As far as I'm aware the 10k grants will be issued automatically and it is possible that the ratepayer may have to apply for the 25k grant (conflicting info on that second point


Thanks John for doing that. 

Im pondering a few scenarious. eg of one - garage client (MOT station, workshop and offices) spread across 2 sites, overall RV over £20k so no SBBR even on the smaller site of the 2 which has a RV of below the £12k.   Not classed as RHL, except the have undertaken car sales for the last 3 years, so proportionally they fall under the RHL section for this.     Not sure if council aware, doesnt show on Rates bill, or even if they need it to show.  

Yes, Ive agreed grants are supposed to be automatic - its considered the councils have the info (which also would need to tie in with the March date!), but think a call might be an idea, after Ive read the info again with a clearer head (1st job tomorrow I suspect...phone is going off the hook for a few hours!)

Not sure on the income bit, that would semi defeat part of the object but then why would we be surprised by that/have the government thought it through to that extent?   Sorry not got that far in any reading on that score yet.



__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



Master Book-keeper

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Just a heads up that if any of your clients are waiting to hear on this check your council website.  With Doncaster Council you have to make an initial application online and I've just discovered it's the same with Harrogate Council.



__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Posts: 8646
Date:

Leger wrote:

Just a heads up that if any of your clients are waiting to hear on this check your council website.  With Doncaster Council you have to make an initial application online and I've just discovered it's the same with Harrogate Council.


 Literally just heard that myself after digging around for a phone number for one I needed clarification on who is one the periphery of the 'retail' description, with other councils John, again a dogs dinner, but thank you for the heads up.



__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position

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