Don’t Risk Fines or Prosecution – Check Your Furlough Claims Now!
- Businesses urged to thoroughly check furlough scheme claims for accuracy before HMRC deadline
- HMRC sending warning letters to businesses with potential errors in claims
- Common errors include claiming for ineligible employees and wrong calculations
- Deadline for self-declarations is 20 October 2020, penalties may apply after this date
- Employers advised to retain all relevant documents and consider audit services
Businesses using the furlough scheme have been warned to thoroughly check their claims for inaccuracies before HMRC’s deadline, as any self-declarations made after October 20th may be subject to penalties and even prosecution. Accountancy firm Kilsby Williams has noted common errors include claiming for ineligible employees or using incorrect calculations. HMRC is reminding employers that all claims must be wholly accurate. To avoid potential issues, businesses should retain written confirmations of employee placement on the scheme and calculations used for claims. Payroll manager Sadie Leadbetter advises affected firms to double-check their claims or seek expert audit services.
Factuality Level: 10
Factuality Justification: The article provides accurate information about the furlough scheme, deadlines for self-declarations, common errors made by businesses, and potential consequences of non-compliance. It also includes expert advice from a payroll manager at Kilsby Williams.
Noise Level: 3
Noise Justification: The article provides relevant information about the deadline for businesses to review their furlough scheme claims and potential consequences of non-compliance, but it lacks in-depth analysis or new insights.
Financial Relevance: Yes
Financial Markets Impacted: Employers participating in the furlough scheme
Financial Rating Justification: This article discusses the furlough scheme, which is a government program to support businesses during the pandemic, and its impact on employers who may face penalties or prosecution for inaccurate claims. It pertains to financial topics as it involves financial assistance provided by the government to companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: No extreme event mentioned in the article, but a warning about potential fines and penalties for incorrect furlough scheme claims.
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