Need to Know: Need to amend your Coronavirus Job Retention Scheme claims?

We bring you the latest news from Government, the legislation you need to know, and what’s going on in the wider GCMA world… This week: What to do if you need to amend a claim, reporting grants on tax returns, and HMRC reveal frequently asked questions about the CJRS... AMENDING CORONAVIRUS JOB RETENTION SCHEME CLAIMS The CJRS closed on September 30 and the final deadline for claims was October 14. If you need to amend claims for September, HMRC say you need to do so by Thursday, October 28. For the scheme in general, you will also need to keep records for six years supporting the grants claimed in case HMRC want to check them. REPORTING CORONAVIRUS GRANTS ON YOUR TAX RETURN HRMC have stated the following: "Grants to support businesses and self-employed people during the pandemic are taxable. "If you claimed CJRS grants, or other COVID-19 grants, you need to include these as income on your tax return. Depending on your business type you’ll need to report this as income on your company tax return (CT600), partnership return (SA800) or the self-employment pages of your individual tax return (SA103). "To find examples of the types of grants or payments you need to include, when, and how to include them on your tax return, search 'reporting coronavirus grants and support' on GOV‌‌‌.UK." FREQUENTLY ASKED CJRS QUESTIONS HMRC point you towards GOV.UK and the searchline 'Job Retention Scheme' but have issued some answers to frequently asked questions... What if I’ve missed the deadline to claim? We may accept a claim made after the deadline if: You have a reasonable excuse for failing to make the claim in time – despite taking care to do so, and You submitted your claim as soon as you were able to. Examples of reasonable excuses can be found on GOV‌‌‌.UK – search 'claim for wages'. What if I've claimed too much in error? If you’ve claimed too much in CJRS grants and have not already repaid the overclaimed amount, you can let us know and make a repayment online by card or bank transfer – go to 'pay Coronavirus Job Retention Scheme grants back' on GOV‌‌‌.UK. You must tell us and repay the money by the latest of whichever date below applies: 90 days from receiving the CJRS money you're not entitled to 90 days from the point circumstances changed so that you were no longer entitled to keep the CJRS grant. What if I haven't claimed enough? If you made a mistake in your last claim for September that means you received too little money, you’ll need to amend it by Thursday‌‌ ‌28 ‌October. To find out how, search 'get help with the Coronavirus Job Retention Scheme' on GOV‌‌‌.UK. FINAL CLAIMS FOR STATUTORY SICK PAY REBATE SCHEME This closed on September 30 and businesses have until December 31 to submit any final claims, or amend claims already submitted. For more information on eligibility and how to make final claims, search 'check if you can claim...
This is member only content

Please LOGIN to read the full article.

Not a member? Please click here to join today.

More from GCMA News