Yesterday, Sunak extended the business rates holiday for all businesses in the retail, hospitality and leisure sector for 12 months. The Chancellor’s universal business rate holiday goes one step further than last week’s announcement (which was only eligible for the businesses in those sectors with a rateable value below £51,000) to all businesses.
Sunak offered a further £25,000 grant to retail, hospitality and leisure businesses in smaller premises with a rateable value over £15,000 and below £51,000.
And in another adjustment to last week’s Budget, the Chancellor enhanced the small business rate relief grant of £3,000 to £10,000 (a one-off grant of £10,000 to businesses currently eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs).
Salon and spa owners need to check with their local authority on how this will work since they do it differently around the country.