sme

I really do fear for the future of rural businesses. Whilst the initiatives set out here are of some value my instincts tell me that the level of disruption and challenge is going to be far greater than any of us currently imagine.

Around 700,000 businesses in England currently eligible for Small Business Rate Relief (SBBR) or Rural Rate Relief can apply for the emergency funding.

The additional £2.2bn of funding for local authorities who collect business rates is part of a package of fiscal measures to help small business survive the coronavirus pandemic.

However, it is not yet clear how businesses will access the grants.

And the £3,000 coronavirus grant only applies to small business in England. Business rates in Scotland, Wales and Northern Ireland are set by their devolved administrations.

This comes on top of the government announcing in the 11 March Budget that companies in the retail, leisure and hospitality sectors with a rateable value of less than £51,000 will not pay any business rates this year. This includes hotels, restaurants and coffee bars.

The discount that pubs receive on their business rates will increase from £1,000 to £5,000, as long as their rateable value is below £100,000 in England.

In total, around 900,000 properties, or 45 per cent of all business premises in England, will not pay rates in 2020-21.

The government will also review the long-term future of business rates, a property tax which many say is unfair given the rise of online shopping and out-of-town retail parks.