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Working Tax Credits are now increased

We would like to remind our readers that as part of the package of measures to tackle the Coronavirus outbreak, the basic element Working Tax Credit payments was increased to £3,040 for the 2020-21 tax year.

This increase of £1,045 is equivalent to an extra £20 each week for the current tax year. The actual amount that Working Tax Credits recipients will receive depends on their specific circumstances, including their level of household income.

If you claim Working Tax Credits, you do not have to take any action or contact HMRC – the increase in your payments should have started automatically from 6 April 2020.

The government also increased child benefit, other tax credits rates and thresholds and guardian's allowance by 1.7% from 6 April 2020.

There have also been corresponding increases in Universal Credit available to many employed and self-employed workers on low incomes or who have become unemployed. This has seen the government increase the basic element and remove the minimum income floor in a move to benefit the self-employed. The minimum income floor does not currently apply, this measure is due to last until the Coronavirus outbreak is over.

Source: HM Revenue & Customs Wed, 13 May 2020 05:00:00 +0100

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK