Good news for businesses based in shared-office buildings that have hitherto missed out on financial support. The government has added £600m to plug the gap in its small business rates relief scheme. This is the plan offering £10,000 in cash grants to businesses based in premises with a rateable value of less than £15,000 for business rates purposes. The scheme also pays £25,000 to companies in the retail, leisure and hospitality sectors where they inhabit premises with a rateable value of between £15,000 and £51,000.
However, some 10,000 companies based in shared office buildings and other workspace properties were not initially eligible for support, because the Valuation Office Agency, which sets business rate valuations, has never assessed the units they rent. Businesses in premises run by companies such as WeWork (pictured) therefore received nothing. Now the government has extended the scheme to ensure these businesses do, after all, receive support. The grants are managed by local authorities, so if you think you may be eligible, contact your local council for advice.
• Small and medium-sized enterprises can also claim financial support for the cost of two weeks’ statutory sick pay if employees are forced to take time off work because they fall ill or have to self-isolate. This benefit, on offer to firms with fewer than 250 employees, could be increasingly important as the government gets its track and trace system up and running. Claims must be made through HMRC.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
-
UK wages grow at a record paceThe latest UK wages data will add pressure on the BoE to push interest rates even higher.
-
Trapped in a time of zombie governmentIt’s not just companies that are eking out an existence, says Max King. The state is in the twilight zone too.
-
America is in deep denial over debtThe downgrade in America’s credit rating was much criticised by the US government, says Alex Rankine. But was it a long time coming?
-
UK economy avoids stagnation with surprise growthGross domestic product increased by 0.2% in the second quarter and by 0.5% in June
-
Bank of England raises interest rates to 5.25%The Bank has hiked rates from 5% to 5.25%, marking the 14th increase in a row. We explain what it means for savers and homeowners - and whether more rate rises are on the horizon
-
UK wage growth hits a record highStubborn inflation fuels wage growth, hitting a 20-year record high. But unemployment jumps
-
UK inflation remains at 8.7% ‒ what it means for your moneyInflation was unmoved at 8.7% in the 12 months to May. What does this ‘sticky’ rate of inflation mean for your money?
-
VICE bankruptcy: how did it happen?Was the VICE bankruptcy inevitable? We look into how the once multibillion-dollar came crashing down.
