Help For Hospitality

As a result of the increasing impact of the Omicron variant of COVID-19, yesterday the Chancellor, Rishi Sunak, announced that solvent pub, restaurants and leisure businesses will be eligible for one-off grants of up to £6,000.  The amount that can be claimed will depend on the amount of business rates the business pays and is banded so that a business with a rateable value of up to £15,000 will be eligible for a grant of £2,700.  For a rateable value from £15,000 to £51,000 the grant is £4,000 and over £51,000 it is the full £6,000. 

There has been no announcement yet as to how and when the application can be made and when payments will be available so watch this space.

 For those businesses that don’t pay business rates local councils will be provided with additional funding to support businesses severely impacted by restrictions so keep looking for information provided by your local authority.

Business Rates - Recap From Budget

On the subject of business rates, in case you didn’t pick up previously, following the last Budget, the current business rates reduction for businesses in the retail and leisure sectors, which includes pubs, hotels, restaurants, theatres, shops and gyms, will continue for a further year, capped at £110k.

The business rates system will be reformed with revaluations on rates to be done every 3 years from 2023, a new investment relief to encourage businesses to adpot green technologies like solar panels, and from 2023 businesses will be able to improve their premises without paying extra rates on a revaluation for 12 months. There will also be a cancellation of next year’s planned increase in the multiplier applied to the rateable value.

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FUSE is an independent Chartered Certified firm of accountants and tax advisors based in Highgate Village, North London. We provide a dynamic range of services to clients working in property, media, entertainment, and professional services. Our clients vary in size from self-employed sole traders, small enterprises and medium-sized businesses. We believe that comprehensive financial planning and sound business financial advice are the keys to growth and profitability.