Reporting implications of COVID-19 – UK Government Job Retention Scheme and impact on salaried directors
On 11 March 2020, the World Health Organisation declared the spread of coronavirus (“Covid-19”) a global pandemic and the UK government has taken unprecedented steps to protect the economy, businesses, and jobs during these very difficult times.
One major aspect of UK government support is the Coronavirus Job Retention Scheme where eligible employers can claim to cover the wages of employees who are on temporary leave (“furlough”) due to the impact of coronavirus (“Covid-19”).
Businesses are electing to either not use the scheme, employ the scheme in full or apply the scheme in part. It is possible that companies may need to temporarily furlough one or more salaried directors during the coronavirus crisis.
This article focuses on the implications of the scheme from the perspective of salaried directors of companies incorporated under the Companies Act 2006 (“the Act”).
This guide covers the following:
- Special considerations regarding directors
- Disclosures in financial statements
- What are the statutory duties of a director?
Download a copy of the guide below or contact a member of our specialist Audit team.
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