It is possible that up to £3.5bn in Coronavirus Job Retention Scheme payments may have been claimed fraudulently or paid out in error.
HMRC told the Public Accounts Committee it estimates that 5-10% of £35BN furlough cash has been wrongly awarded.
Jim Harra, said:
"We have made an assumption for the purposes of our planning that the error and fraud rate in this scheme could be between 5% and 10%.
That will range from deliberate fraud through to error."
NB: that is based on HMRC's assumption, rather than any actual facts.
Tax does have to be taxing.
Tax Investigation Insurance
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.
Tax Investigation Insurance is an insurance policy that will fully reimburse your accountants (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.
A Solar Protect policy will enable your Accountant (your tax return agent) to:
- Deal with any correspondence from HMRC
- Attend any meeting with HMRC
- Appeal to the First-tier Tribunal or Upper Tribunal
- Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly
- Premiums are Annual Premiums.
- Premiums are inclusive of 12% IPT.
- Premiums and IPT are due in full in advance / at commencement of scheme.
- There is a NIL excess on all policies.
Please click here for details.
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