Retail, Hospitality and Leisure Sectors
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Following the enforced ‘lockdown’ of almost all businesses in the retail, hospitality and leisure sectors, the government has pledged to support such organisations with an urgent relief package.
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These businesses, forced to close their doors to paying customers in order to halt the spread of the Coronavirus, are facing an indefinite period of absent sales revenue.
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Hence the measures announced for such organisations are far greater in scope than those offered to other sectors, such is the immense impact on their working capital.
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The first measure is a major cash injection in the form of a cash grant of up to £25,000 per annum per business property.
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The amount up to this cap received by businesses with premises in these sectors is dependent on their rateable value.
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For those with a rateable value under £15,000, a cash grant of £10,000 will be issued.
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For those with larger premises of rateable values ranging £15,001 to £51,000, the grant is increased to £25,000.
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Moreover, there will be a full business rate holiday for the 2020-2021 tax year, representing a potential huge saving for those with bigger premises in this sector.Â
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These schemes will be administered by local authorities, who aim to be in touch with eligible organisations within two weeks.
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Ask Us For Help
 We are here to help and have set up a dedicated team to help you during this crisis.Â
If you are considering using these schemes or have any queries about these measures, please email coronavirus@switchaccountants.co.uk and we will contact you to discuss your exact situation.