HMRC have issued two new Compliance Series Factsheets outlining penalties for grants overpaid under the coronavirus support schemes.
You may review these here:
CC/FS47 - Self-Employed Income Support Scheme
CC/FS48 - Coronavirus Job Retention Scheme
If you have made an error in a claim and have received too much, you must pay this back to HMRC. You can either:
- tell HMRC as part of your next online claim
- contact HMRC to pay the money back
If you’ve over claimed a grant and have not repaid it, you must notify HMRC by the latest of either:
a. 90 days after the date you received the grant you were not entitled to
b. 90 days after the date you received the grant that you were not longer entitled to keep because your circumstances changed
c. 20 October 2020
If you do not do this, you may have to pay a penalty. The onus is on the tax payer to inform HMRC of any over payment.
However, if you have not claimed enough you will still need to make sure you pay your employees the correct amount.
As you will be looking to increase the amount of your claim, HMRC may need to conduct additional checks.
