Enterprise Zones in the North East
Collectively, the North East Enterprise Zone is made up of 21 sites. You can find out more about each of the sites on the Invest North East England website.
Benefits for businesses:
Each site offers one of the following two benefits:
- Business rate discount – businesses can claim up to 100% discount against business rates that are worth up to £275,000. This can be claimed over a five year period through occupying premises on an Enterprise Zone site. This is the equivalent of £55,000 per year but does not need to be taken as an even annual split. To take advantage of this benefit, a business must be located on the site by the end of March 2018 for Round 1 sites and by the end of March 2021 for Round 2 sites
- 100% enhanced capital allowances – this tax relief is issued to businesses making large investments in plant and machinery. Businesses wanting to take advantage of the enhanced capital allowance must be located on site and make the claim by the end of March 2020 for Zone 1 sites and by the end of March 2025 for Zone 2 sites.
How to apply
Citylife Business Support
Tailored advice to help SME’s to adapt to new challenges and safeguard jobs
Citylife Business Support is a new service for SME’s who have be adversely affected by COVID-19. Funded though the £1.5 million Capacity Fund that was granted to Newcastle City Council by the North of Tyne Combined Authority, it is part of the city’s commitment to supporting businesses, voluntary and community organisations and unemployed residents who have been adversely impacted by COVID-19.
The service has been set up by extending and bringing together services and expertise from across the city. Delivery partners Business & IP Centre Newcastle and NewcastleGateshead Initiative developed a package of free support that will focus on enabling businesses to develop and implement new models of delivery to help them recover and plan for their future.
Eligible SMEs can access:
- Up to 8 hours of free support from Business & IP Centre Newcastle (BIPC) ‘Citylife Experts’
- Workshops tailored to specific business needs
- A free events programme based on current business challenges, the funding landscape, resilience, and innovation