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New Penalties for Overclaiming

Penalties of up to the full amount claimed will be imposed by HMRC on businesses found to have overclaimed any of the support provided by the Government during the current crisis.

Investigations into Coronavirus Job Retention Scheme (CJRS), Self-Employed Income Support Scheme (SEISS) and Eat Out to Help Out claims have already begun and the penalties depend on whether or not the overclaim is the result of a deliberate error. Many errors may be the result of a careless error or a misinterpretation of rules that have changed many times throughout the crisis. The penalty may be reduced where the taxpayer assists Inland Revenue in correcting the error.

If you are unsure whether or not you have overclaimed any of the Government support provided, Folkes Worton are here to help. Call us on 01384 376964

John Hegney
Audit Partner

Folkes Worton – Accounting for the Future