HMRC bosses have announced plans to investigate incorrect or fraudulent claims for the Coronavirus Job Retention Scheme.
The tax authority believes that as much as 10% of the £35 billion paid out so far to support 9.6 million furloughed staff may be related to incorrect or fraudulent claims. It has now announced plans to investigate between 5% and 10% of all claims. They say they are not looking for legitimate mistakes (although they expect those to be corrected). HMRC boss Jim O’Hara said: “We will be focusing on tackling abuse and fraud”.
What does this mean for me?
If you are an employer who has claimed under the CJRS: you should take steps to check that all of the claims are valid. If any errors are spotted, they should be reported to HMRC as soon as possible. You will also have to repay the overclaimed grant.
How can Lynam Tax Disclosure Experts Help?
Lynam Tax Specialists have a vast amount of experience in dealing with disclosures to HMRC and investigations by the taxman. We can help review your situation, manage any necessary disclosures, and negotiate around penalties.
For a free initial consultation call today:
Paul Lynam: 0845 643 9997
Andrew Nutbrown: 0771 877 8710