Correcting errors in earlier furlough claims:
The numerous changes in the method of calculating CJRS furlough grants will no doubt have resulted in errors by some employers.
Remember that you are required to tell HMRC about overclaimed CJRS grants as part of your next claim. You will be asked when making your claim whether you need to adjust the amount down to take account of a previous overclaim. Your new claim amount will be reduced to reflect this. You should keep a record of this adjustment for 6 years.
You should also be aware that HMRC may levy a penalty even if the error is careless or due to a misinterpretation of the rules.
You might therefore like us to check any previous claims that you have made.
If you have made an error that has resulted in an underclaimed amount, you should contact HMRC to amend your claim. As you are increasing the amount of your claim HMRC will need to conduct additional checks.
Do you need help with your businesses furlough claims?
We offer a wide range of services which are unique to your business and have helped many through the pandemic. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.
Our fantastic team at A&C Chartered Accountants are here to help.