News
Grants announced for leisure and hospitality businesses
The Government has announced a series of additional grants to support businesses in the hospitality and leisure sectors in England who have been impacted by the Omicron variant.
Eligible businesses will be able to apply for one-off support grants of up to £6,000 per business premise.
In addition to this support, a further £102 million of discretionary funding will be made available for local authorities to support other businesses.
Businesses will need to apply to their Local Authorities in England for this funding and further details on how to do this are expected to be released soon.
The intended recipients of this round of grants are hospitality businesses, defined as accommodation, food & beverage services and also leisure premises.
Recipients must be solvent businesses and also paying rates in the hospitality and leisure sector, for example pubs, hotels, restaurants, bars, cinemas and amusement parks.
Grants will be available based on rateable value of business premises as follows:-
| Rateable value £ | Grant available £ |
|---|---|
| 0 to15,000 | 2,667 |
| 15,000 to 51,000 | 4,000 |
| over 51,000 | 6,000 |
The Government will also be providing an additional £102m of discretionary funding to Local Authorities. Use of this funding is at the Local Authorities discretion and is intended to support businesses who are impacted by COVID-19 but may not be eligible for the hospitality and leisure grant.
Chancellor of the Exchequer, Rishi Sunak said “We recognise that the spread of the Omicron variant means businesses in the hospitality and leisure sectors are facing huge uncertainty, at a crucial time. So we’re stepping in with £1 billion of support, including a new grant scheme, the reintroduction of the Statutory Sick Pay Rebate Scheme and further funding released through the Culture Recovery Fund.”
With many hospitality businesses facing a difficult winter period, this will be very welcome news and could provide essential funding to tide them through challenging times.
Need more help?
If you need further advice or support, we offer a free initial consultation, please get in touch on 01223 414033 or use our simple online contact form.
Date published 21 Dec 2021 | Last updated 14 Feb 2022
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.