Recently, an investor research and advisory group has accused Barclays PLC (BCS) for not submitting the true cost of its bonuses. According to the advisory group, Barclays owes bonuses and taxes worth GBP1.4 billion for which it hasn’t been accounted for properly.

It has also been brought to notice that on Wednesday, Barclay Bank has posted a fall of approximately 9% in its first-quarter pretax profit.

After analyzing Barclays 2010 annual report, the Pensions & Investment Research Consultants reported that Barclays has been awarded with bonuses worth GBP1.4 billion, but none of such amount along with taxes thereon has been put through the profit and loss account.

However, in this regard, one of Barclay’s Spokesperson said, “It recognized the so-called government Bank Payroll Tax in the accounts over the same periods as the periods over which the corresponding bonuses are recognized in the accounts. The bonuses on which Bank Payroll Tax was applied included deferred awards which are recognized over the period 2010 to 2013. Accordingly, a corresponding part of the Bank Payroll Tax is recognized over this period as well".