HMRC seeking powers to recover COVID grants
HMRC are seeking powers to recover payments to which the recipient is not entitled to receive and also charge penalties in cases of deliberate non-compliance. It is understood that HMRC will recover Self-employed Income Support Scheme grant by way of a 100% tax charge in a process which will be independent of the self assessment tax return.
They will also review the Coronavirus Job Retention Scheme, with a particular focus on amount claimed for the people who were on the payroll prior to 19th March 2020 and whether the employee was working.
Chartered accountants, Acer Accounts will be able to assist in any queries you may have in relation to the grants, offering the correct tax advice through our business advisors.