We have summarised, and provided links to, the latest government announcements relating to financial aspects of the COVID-19 pandemic.
Check the tax rules on waiving your income or donating to charity
During the COVID-19 pandemic, many people are choosing to give up part of their income to support their business or employers, or donate to charity. Employers, directors and employees have several options to support a business or employer, including:
- waiving their salary or bonuses before they’re paid
- waiving the right to any dividends
- giving salary or dividends back to their employer after they’ve been paid
To donate to charity, people can use:
- Payroll Giving
- Gift Aid
Further details on the tax implications of these options can be accessed here.
Coronavirus Statutory Sick Pay Rebate Scheme set to launch
Employers will be able to make claims through the Coronavirus Statutory Sick Pay Rebate Scheme from 26 May.
Details are available here.
Future Fund launched this week
The government’s £500 million Future Fund opened for applications on 20 May with innovative and high-growth British businesses able to secure investment to help them through the Coronavirus outbreak.
Details can be accessed here.
Larger businesses to benefit from loans of up to £200 million
Government extends maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme from £50 million to £200 million.
- loans under the expanded scheme will be made available to large businesses affected by coronavirus from next week
- changes also mean companies receiving help through CLBILS and the Bank of England’s Coronavirus Corporate Financing Fund will be asked to agree to not pay dividends and to exercise restraint on senior pay
Details are available here.
