HM Revenue and Customs (HMRC) published guidance on potential penalties to businesses with overclaimed Coronavirus Job Retention Scheme (CJRS) grants. The Government use the Coronavirus Job Retention Scheme to help businesses to retain their staff during this Coronavirus (COVID-19) outbreak. Sometimes, mistakes could happen.
HMRC is asking you to report any overclaimed CRJS grants within the notification period given to avoid expensive penalty. This includes If you received the CRJS and you were not entitled to.
You must pay back the Coronavirus Job Retension Scheme grants you are not entitled to HMRC.
Report overclaimed Coronavirus Job Retention Scheme grants to HMRC
You must notify HMRC within 90 days of you received the CJRS grants if you have not repaid it.
In some circumstance, you may be entitled to the CJRS grants but later due to change of circumstance you no longer entitled to it, in this instance, you have 90 days to inform HMRC. For example, your furloughed staff left your business for good and you continue to claim the CJRS grants for that staff.
The latest date you must report your overclaimed CJRS grants to HMRC is 20 October 2020.
Likewise, if you have been overpaid under Self Employment Income Support Scheme, you must notify HMRC and pay back the money.
Publishing details of deliberate defaulters (PDDD)
HMRC may publish your details on the Publishing details of deliberate defaulters (PDDD) list for deliberately not notify HMRC of the overclaimed CJRS grants. You details will remain online for 12 months.
You may check the current PDDD list online here.
Companies House filings during COVID-19 pandemic
Companies House also provide support to UK businesses during COVID-19 pandemic. Your company’s account filing deadline is extended for an additional 3 months. This will help you to avoid a late filing penalty if you are unable to deliver your company accounts on time during this pandemic. You do not need to do anything. You just need to go to Companies House website to check your new filing deadline.
On the same note, you would have 6 weeks to file your confirmation statement. Likewise, for the events driven filings, you will have 42 days (6 weeks) to notify Companies House instead of the usual 14 days filing deadline. For example, you moved to a new office and this office is also your registered office for your company. In this case, you have 6 weeks to notify Companies House.
In addition, Companies House also created an interim paperless filing service to accept documents which would normally require a live signature.
You are encouraged to submit your documents to Companies House digitally. You can use the web filing service to file the following documents to Companies House.
- Confirmation statement
- Company accounts
- Events driven filings i.e director resigned or change of your registered office address.
- Closing down your company.
To file online, you would require your company’s authentication code. The authentication code is the electronic equivalent of your company’s director(s) signatures. Keep safe your authentication code.
If you require help with your company’s filings, contact Our accountants. They will be more than happy to assist you.