This is a developing article that will be updated throughout the day. Last updated 1 July 2020 at 9am.
From 1 July 2020, CJRS v1 has been replaced with CJRS v2. It is now possible for previously furloughed employees to work part-time and be furloughed for their non-work time.
We have set up a specialist team to closely monitor all the unfolding developments and gather further details on loans, grants and subsidies to help you navigate your way through these circumstances. For further information, please email your usual Relationship Partner or contact person, or request a call back.
HMRC have confirmed incorrect claims should not be adjusted in the next claim.
To correct an under-claim of the CJRS grant, please call HMRC on the coronavirus technical line: 080 0024 1222. Over-claims can declared as part of (but not included in) the next claim.
The draft legislation, which brings the CJRS grant into the tax system to be taxed as income, also includes provisions that allow HMRC to claw back any coronavirus support payments which were not due. Where directors do not notify HMRC of the over-claim of a CJRS grant, a penalty may be applied under the failure to notify rules, treating the error as deliberate and concealed. This would mean a penalty would be imposed at 30% to 100% of the overpayment if the employer voluntarily disclosed, or 50% to 100% of the overpayment where the disclosure was prompted by HMRC.
You must keep a copy of all records for 6 years, including: