Coronavirus Job Retention Scheme and Furlough - what to do if you have over-claimed

Posted on 10th June 2020 by Streets


Image to represent Coronavirus Job Retention Scheme and Furlough - what to do if you have over-claimed

The Coronavirus Job Retention Scheme (CJRS) was introduced quickly to help safeguard jobs for those workers who, due to lockdown, were unable to work at their normal place of work or from home.


Whilst those employers who are still making claims, and have previously, under the Scheme may have got to grips with the necessary process for calculating and submitting claims, a number may have found they have inadvertently overclaimed. As a result, they will have received more money than they are entitled to and as such are required to pay back this overpayment to HMRC.

To manage the refund of overpayments, HMRC have updated the application system so you can tell them if you have over-claimed in a previous claim. When you make your next application for the grant, you’ll be asked if you need to reduce the amount to take account of a previous error. If so, your new claim amount will be reduced to reflect this. You should then keep a record of this adjustment for six years.

If you have made an error in a CJRS claim and do not plan to submit further claims, HMRC are working on a process that will allow you to advise them of your error and pay back any amount you have over-claimed. We will update you when this is available.

 


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


Expert insight and news straight
to your inbox

Related Articles


Welcome to our new merged practice Streets Andrew Wright in Wakefield!

We are delighted to announce the establishment of Streets Andrew Wright Chartered Accountants. The announcement follows the merger of the Wakefield practice, Andrew Wright & Co with ourselves.When asked about the merger, Sally Wright, Managing Director, said: “Fellow Director Richard Farndale and I are delighted and excited about the ...


Golf Day Secures Hole in One for Air Ambulance

We hosted our 11th annual charity golf day earlier this month raising a record amount of more than £7,500 for the Air Ambulance. The total amount fundraised will be divided between our three regional charities; East Anglian Air Ambulance, Lincolnshire and Nottinghamshire Air Ambulance and Yorkshire Air Ambulance.The winning ...


Ordering documents from Companies House

Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House register. You can order: a company certificate with certified facts; or a certified copy of a document held


You might also be interested in...