BLOG / Thirty day period for notifying HMRC of inaccurate grant claims under the Job Retention Scheme and the Self Employed Income Support Scheme to be introduced
Amendments to the Finance Bill 2020 will introduce a 30 day period during which employers or the self employed can notify HMRC of inaccurate grant claims under the Job Retention Scheme and the Self Employed Income Support Scheme. Where applicants notify HMRC within that timeframe they will avoid being charged a penalty.
Notification must be made within 30 days of the incorrect claim or within 30 days of the Finance Bill 2020 receiving Royal Assent (expected to occur in July) if the claim or claims at issue was before that date.
Amendments to the Finance Bill also confirm that grants under both schemes are to be treated as taxable income and will provide HMRC with powers to recover incorrect payments and to impose penalties for deliberately false claims.