Financial Support for Business Rates Payers
We are obviously concerned about the impact on businesses caused by the current restrictions. We will be rebilling business rate payers that qualify for the new 100% business rate holiday shortly. We will be stopping any direct debit payment due to be taken on 1 April 2020. You do not need to contact your bank to cancel the direct debit mandate held by us.
The Council has the necessary details from Central Government that allow us to make payments now under the above scheme. This will be to all those eligible businesses that qualify and where we currently hold your payment details.
If you pay your business rates by direct debit, this means we have them and the grant payment will be made automatically and you do not need to do anything.
Where you don’t pay by this method, we are going to need you to provide us with some additional information, by completing the form below, so we can process the payment. The two schemes on offer are:-
Scheme 1 - Business Support Grants Fund
This scheme was originally announced in the budget on the 11th March and since then, the level of this grant has increased from £3,000 to £10,000. The current proposal is that all properties in Camden that are in receipt of small business rates relief as of 11th March, including those in receipt of tapered relief (where your rateable value falls between £12,000 - £15,000). You will be eligible for a grant payment of £10,000.
It is important to note however, we will not make awards retrospectively, where the relief is not currently in place, except in exceptional circumstances.
Properties whose liability is calculated using the small business multiplier (where your rateable value is above £15,000, but below £51,000) but are not in receipt of small business rates relief, will not qualify for this grant.
Scheme 2 – Retail, Hospitality and Leisure Business Grants Fund
This was announced by the Chancellor on 17th March 2020, with the current proposal being that properties, which would have qualified for the retail discount on 11th March (where they fell within this category and their rateable value was below £51,000) will be entitled to either a grant of £10,000, where your rateable value is £15,000 or less. Where your rateable value is greater than £15,000, but less than £51,000 you will be entitled to a grant of £25,000.
Given these grants will not be expected to be re-paid, State Aid limits are applied, meaning they are capped at an 800,000 euro limit per company.
This will only be applicable to the larger organisations that have several hundred multiple national outlets and it should be of no real concern to the majority of those recipients entitled to receive it.
If you are worried or have any further questions, you can view more information on the scheme or business rates officers are on hand to answer any of your queries and can be contacted by calling 020 7974 6460.