As you may be aware, HMRC is taking a more proactive approach to the compliance and enforcement regime for the Coronavirus Job Retention Scheme (CJRS) and is currently approaching circa 30,000 tax payers where they consider there may be a higher risk of overclaims. HMRC have confirmed that they will also be sending letters to the 1,200 Large UK Businesses that made CJRS claims.
HMRC’s guidance on compliance and enforcement requires businesses to voluntarily disclose and make good any CJRS overclaims before the notification deadline of 20 October for claims made on or before 22 July. Failure to do so can result in penalties of up to 100% and publication of the company name in HMRC’s list of ‘deliberate defaulters’ in the case of deliberate behaviour.
Groups will also need to maintain appropriate governance and evidence of decision making to comply with Senior Accounting Officer (SAO) and broader corporate governance requirements. Corporates can also be liable under the Corporate Criminal Offence (CCO) regulations.
In this video, ADS members PwC discuss the background to the new enforcement regime and look at the potential penalties and requirements to maintain appropriate governance and evidence of decision making to comply with Senior Accounting Officer (SAO) and broader corporate governance requirements.
Watch the video to learn more