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Payback time
Key points
- The government aims to recoup £2.3bn of CJRS grant money.
- Employers made mistakes when applying for furlough grants and HMRC expects them to review their claims.
- Overclaimed CJRS grants must be returned or reported as taxable.
- FA 2020 obliges the recipient to notify HMRC of its liability to income tax or face a failure to notify penalty.
Who would have thought back in March 2020 that the coronavirus job retention scheme (CJRS) would continue until 30 September 2021? At several points this looked highly unlikely but at other times we were waiting to see if additional government restrictions would see its general reintroduction.
The CJRS provided grants to employers so they could retain and continue to pay staff during lockdowns and restrictions put in place to limit the spread of coronavirus by furloughing employees at up to 80% of their wages: 11.7 million employees were furloughed...
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