Budget 2020: Business Rates

budget 2020

Yesterday the Chancellor has set out a £12 billion package of temporary, measures to support businesses through the economic disruption caused by COVID-19. More information about the announcement can be viewed here.

Measures to support businesses include:

  • The government will increase the Business Rates retail discount to 100% for one year and expand it to the leisure and hospitality sectors. This applies to properties with a rateable value of below £51,000.
  • The planned discount for Public Houses with a rateable value below £100k will increase from £1,000 to £5,000.
  • guidance for local authorities on the application of the expanded retail discount will be published by 20 March

Statutory Sick Pay

  • The government will bring forward legislation to allow small- and medium-sized businesses to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows:this refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19
  • employers with fewer than 250 employees will be eligible – the size of an employer will be determined by the number of people they employed as of 28 February 2020
  • employers will be able to reclaim expenditure for any employee who has claimed SSP (according to the new eligibility criteria) as a result of COVID-19.
Posted in Business news, Local News