HMRC | Furlough Investigations | Rosenblatt’s Financial Crime Team
13th November 2020
On 12th November 2020 HMRC revealed that it intends to investigate 10,000 businesses over possible abuses of the government’s Coronavirus Job Retention Scheme, while also confirming that nearly £400m of furlough grants have been paid back.
HMRC Investigations | Rosenblatt’s Financial Crime Team
The figures were revealed during an evidence session of the Public Accounts Committee by HMRC permanent secretary Jim Harra. He said that HMRC had written to 27,000 companies deemed high-risk for their use of the furlough scheme, with around 10,000 to be investigated. He added that £382m had been returned by companies. It was previously suggested by HMRC that between 5-10 per cent of money provided through the Job Retention Scheme may be lost as a result of fraudulent activity or error.
The scheme was originally due to end on 1st November 2020. However, following the implementation of new national restrictions on 5th November 2020 it has been extended until March 2021.
Rosenblatt can help
Rosenblatt has a wealth of experience in financial crime and is uniquely placed to support clients’ that are the subject of a HMRC investigation and prosecution having being involved in high profile investigations into high value, complex fraud cases.