Market leading insight for tax experts
View online issue

Taxing excess Covid-19 support payments

Speed read
FA 2020 Sch 16 empowers HMRC to tax Covid-19 support payments. Taxpayers should check their CJRS and SEISS claims and notify HMRC of any mistakes within the 90 day deadline, unless they can repay the monies beforehand. Excessive claims may be rectified by declaring and paying income tax, unless HMRC issues an assessment. Failure to notify or error penalties may be levied too. Businesses that knowingly made incorrect claims and fail to notify (or repay) in time face failure to notify penalties of up to 100% of the excessive claims, as their behaviour is deemed deliberate and concealed.

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
EDITOR'S PICKstar
Top