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Since the introduction of the Coronavirus Job Retention Scheme, otherwise referred to as furlough, HMRC have been keeping a watchful eye on proceedings. In July they announced that they had made their first arrest in connection with coronavirus-related fraud, showing that they intend to act quickly to recover money incorrectly claimed or used.
Companies using the Coronavirus Job Retention Scheme will need to pay close attention to how they are recording information to ensure that they do not incur penalties, and are not committing furlough fraud.
Voluntary disclosure of unpaid or underpaid taxes will result in:
Prompted disclosures will usually carry higher penalties. It is important to seek professional advice, which will: