COVID Update 92

In the 2020/21 budget the Chancellor announced a "business rates holiday" for those falling into the retail, hospitality and leisure sector. This is more formally known as Expanded Retail Discount. This was for those that were eligible, and didn’t receive any other type of discount/exemption.

This scheme has been extended for the 2021/22 financial year. The guidance does not replace existing legislation, and is slightly different to the scheme that was in place for 2020/21.

The 2021/22 scheme allows Expanded retail discount at 100% for three months, from 1 April 2021 to 30 June 2021, and at 66% for the remaining period, from 1 July 2021 to 31 March 2022.

There is no cash cap on the relief received for the period from 1 April 2021 to 30 June 2021. From 1 July however, relief will be capped at £105k per business or £2 million per business where the business is in occupation of a property that was required, or would have been required, to close, based on the law and guidance applicable on 5 January 2021.

Please note this is only applicable to those that are in the defined eligibility criteria. The detail may be found at the following link button.

It is also important to note that businesses that are in receipt of small business rate relief, will continue to receive this (subject to remaining eligible). The two schemes are separate.

Hinckley BID wishes ‘Good Trading’ to all those businesses who are now able to open from next Monday. Please remember, if you have any new menus or any special events planned, please e-mail martina@hinckleybid.co.uk who edits a monthly e-newsletter which is sent to over 14,000 recipients.

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Please remember that if we can help, we always will or find somebody who may be able to assist.

Many thanks, stay safe and well.

Steve Wegerif

Published by Hinckley BID – 14/05/2021
Steve Wegerif 0770 939 4841 – steve@hinckleybid.co.uk
www.hinckleybid.co.uk

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