COVID-19 developments as they apply to charities
07 October 2020
There are a variety of reliefs and grants available to support individuals and organisations, some of which depend on your charity’s activities and circumstances as to whether you will be eligible. Broadly, these comprise:
- Government financial support to the charity sector and culture and heritage organisations
- Government grants to businesses, for which charities may be eligible, and emergency business loans
- Community and corporate funding initiatives
- Support for employers, such as the Coronavirus Job Retention Scheme
- Tax changes for business, such as the temporary 5% rate and business rates relief
- Specific concessions for charities, such as treatment of cancelled events and oral declarations.
The Government has launched a ‘support finder tool’ to help quickly and easily determine what financial support is available. Simply fill out an online questionnaire, which can take minutes to complete, and you will be directed to a list of all the financial support you may be eligible for.
Please note that separate rates and grant funding schemes are also available in Scotland, Wales and Northern Ireland.
It can be confusing and complicated to navigate the various reliefs, to ensure you are making the most of the funding and support available to you and that you are doing so in the most tax efficient way. If you would like to discuss the reliefs available and their impact on your tax position, please contact Paul Knight, Tax Partner, or your usual BDO adviser.
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