Financial reporting obligations

During the Covid-19 pandemic, some sports clubs in England were able to access financial support for to help cover some of their costs through the Retail, Hospitality and Leisure Grant Fund (RHLGF) and the Coronavirus Job Retention Scheme (CJRS). Some organisations may not have realised, but this funding has implications for corporation tax.

To support organisations to fully understand any tax implications, the new ‘Coronavirus Grant Income: Tax Implications’ guidance note has been developed. The resource explains how corporation tax works for different legal structures, how tax is calculated on RHLGF and CJRS income and how organisations can make payments and file tax returns. It also includes helpful background information on both funds, as well as a glossary of terms