Sponsoring Agency: Eastleigh Borough Council
Type of Fund: Grant
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 06/30/2021
Size of the Fund: USD $50,000 to $500,000
The Government has recently announced the introduction of grants to support Business Rate payers that occupy non-essential retail, hospitality, accommodation, leisure, personal care and gym premises. This new support scheme called the Restart Grant, will take the form of a one-off grant funding scheme in the Financial Year 2021-2022.
The main purpose of the Restart Grant scheme is to support businesses in the relevant sectors that offer in-person services, where most service provision and activity takes place in a fixed rate-paying premises.
How much will you receive
The Restart Grant will support non-essential retail premises.
The following thresholds apply for these businesses:
• Businesses occupying hereditaments appearing on the local rating list with a rateable value of exactly £15,000 or under on 1 April 2021 will receive a payment of £2,667
• Businesses occupying hereditaments appearing on the local rating list with a rateable value over £15,000 and less than £51,000 on 1 April 2021 will receive a payment of £4,000
• Businesses occupying hereditaments appearing on the local rating list with a rateable value of exactly £51,000 or over on 1 April 2021 will receive a payment of £6,000
The Restart Grant will also support hospitality, accommodation, leisure, personal care and gym business.
The following thresholds apply for these businesses:
• Businesses occupying hereditaments appearing on the local rating list with a rateable value of exactly £15,000 or under on 1 April 2021 will receive a payment of £8,000
• Businesses occupying hereditaments appearing on the local rating list with a rateable value over £15,000 and less than £51,000 on 1 April 2021 will receive a payment of £12,000
• Businesses occupying hereditaments appearing on the local rating list with a rateable value of exactly £51,000 or over on 1 April 2021 will receive a payment of £18,000
The Restart Grant is a one-off payment.
The grant payment is subject to Tax
• Grant income received by a business is taxable. The Restart Grant will need to be included as income in the tax return of the business.
• Only businesses that make an overall profit once grant income is included will be subject to tax.
• Payments made to businesses before 5 April 2021 will fall into the 2020/21 tax year. Payments after 6 April 2021 will fall into the 2021/22 tax year.
• Unincorporated businesses will be taxed when they receive the grant income.
General Eligibility
The Restart Grant scheme is for businesses on the ratings list only.
• Any changes to the rating list (rateable value or to the hereditament) after 1 April 2021 should be ignored for the purposes of eligibility. Local Authorities are not required to adjust, pay where the rating list is subsequently amended retrospectively to 1 April 2021.
• Businesses must have been trading on 1 April 2021 to be eligible to receive funding under this scheme.
More information at: https://www.eastleigh.gov.uk/latest-news/restart-grant-applications-open
