Business rates help for SMEs
Telford & Wrekin Council’s Cabinet has agreed that the borough’s SME’s (small and medium sized enterprises) who decide to pay their business rates over a 10 month period can now frontload their ‘free’ months to the start of the financial year.
Ordinarily the payment holiday is taken in February and March but to support SME’s through the Coronavirus crisis they will now have the option of changing their ‘free’ months to April and May.
Additionally, SME’s who pay their business rates over a 12 month period may also want to switch to a 10 month option and take advantage of not paying any rates in April and May to ease the pressure of cash flow issues over the coming months.
If business owners want to take up this opportunity they can access the business rates delayed payments form
SME’s are identified as having fewer than 250 employees with an annual turnover of less than £25m.
If people have an enquiry about the impact of Coronavirus on their businesses and what help and support is available, they can complete an online form and our business support team will make contact within one working day.
The Council has also opened a special support hotline. By calling 01952 383838 – option 6 - any business in the borough can access the advice and support they need.
Telford & Wrekin Council will play a key part in administering national support packaged following Government announcements. This includes support for business rates, grants, statutory sick pay and relief loan facilities through the British Business Bank. In summary, the Government’s current support packages are:
• a statutory sick pay relief package for SMEs
• a 12-month business rates holiday for all occupied retail, hospitality and leisure businesses in England
• small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
• grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
• the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
• a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
• the HMRC Time To Pay Scheme
The Council is awaiting more guidance from Government to be published in stages and will continue to develop the offer to businesses.