From the chancellor’s announcement, a grant of £10,000 has been declared for the small businesses to keep their flow consistent. It is a one off payment starting from April 2020. Initially, the amount was for £3,000 and which later has been amended to £10,000 on 17th March. There are some conditions to be eligible for the UK business grant.

 

The Conditions To Be Eligible For £10000 Grant

 

1. The business must be located in England
2. Must have a commercial property which is occupied by the business
3. Must be receiving or eligible for either Small Business Rate Relief (SBRR) or Rural Rate Relief (RRR)

 

Retail, hospitality and leisure sector businesses with rateable value up to £15000, will get £10000 grant.

 

Learn more regarding the Small Business Grants or Startup Business Grants from the Accountants in London.

 

Who Won’t Be Eligible for the Grant: 

 

Small businesses in the UK who don’t have their own business premises or businesses who are solely online based, will not be eligible for this £10000 coronavirus grant.

 

How to Apply for the Government Grant

 

There is no direct application method followed for this government aid. The local authority will be guided by the government to impose the process. Once everything is ready and your eligibility is verified, the local authority will contact the business directly.

 

The probable time for the grant getting in hand would be about early April, but it could take a couple more weeks to make the final payment.

 

About 700,000 businesses are eligible for the grant to bring lifeline to their commercial situations. Still some businesses are far beyond the grant, startups are not allowed with lack of SBRR or Rural rate relief. 

 

What Does Rateable Value Means?

 

In the UK , business premises are valued by the Valuation Agency with the annual market rent, and the yearly value is Rateable value. The value depends on the size and usage of the property. The bigger the size , the rateable value increases.

What Is the Eligibility for Small Business Rate Relief (SBRR)?

The eligibility for SBRR: 

1. Your property’s relatable value has to be less than £15,000
2. Your business must own only one property. However, based on some conditions, you may still be able to get relief if you own more. 

What Is the Eligibility for Rural Rate Relief (RRR)?

To get the rural rate relief, your business must be located in a rural area with a population below 3,000.

The government is taking necessary measures to fight back the global pandemic and bring stability to the economy. Taj Accountants is providing you all the upcoming information regarding the taken measures and grants. To know more about the Small Business Grants in the UK contact Small Business Accountants. 

DISCLAIMER: The purpose of the blog is to provide information and insight regarding the situation. The readers must contact experts before making any decisions based on the information. We highly appreciate you to contact Taj Accountants for further assistance.