Susan Ball, Carolyn Brown and Paul Marcroft discuss compliance activity surrounding the coronavirus job retention scheme (CJRS) now it has closed including correcting mistakes, tax return, charges, and penalties.
This is further to the article at The coronavirus job retention scheme – mistakes and corrections – are underclaims just as important as overclaims? | Tax Adviser (taxadvisermagazine.com)
The CJRS provided grants to employers so they could retain and continue to pay staff during pandemic lockdowns and restrictions by furloughing employees at up to 80 per cent of their wages. 11.7 million employees were furloughed through the scheme, at a cost of £70bn.
HMRC chief Jim Harra recently stated that the Government now expects to recoup £2.3bn of CJRS grant money over the coming months, less than the initial 5-10 per cent estimated error rate, or the revised rate of 8.7 per cent in HMRC’s accounts.