Hopefully you will have received some of the wide-ranging support which has been offered by the UK government throughout the pandemic. But what happens if you don’t declare Covid overpayments?
Under the circumstances, you could understand why some businesses might have received monies which they weren’t entitled to.
What Happens if you Don’t Declare Covid Overpayments?
If you’ve received a coronavirus support payment that you are not entitled to, you must tell HMRC by the end of the relevant notification period. If you don’t do this, they call it a ‘failure to notify’.
These are the coronavirus support schemes in question:
- Coronavirus Job Retention Scheme
- Self-Employment Income Support Scheme
- Eat Out to Help Out Scheme
Penalties for not telling HMRC about coronavirus (COVID-19) support scheme overpayments.
If your failure to notify wasn’t deliberate and you rectified it without prompting you can expect HMRC to look favourably on your case.
However, if you deliberately didn’t notify and then attempted to conceal it, you can expect a much harsher penalty to be applied.
You can find out more here.
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