While this week has not seen any major support packages to the scale of the previous fortnight, there have been some developments as well as some clarifications and further details on measures already announced.
The Coronavirus Job Retention Scheme has seen some further announcements:
Working Tax Credits have received a boost with the basic element increasing by £1,045 to £3,040 for the tax year from 6 April 2020 to 5 April 2021. Exact entitlements will obviously depend on household income, but this could mean and increase of up to £20 per week at best.
Child Benefit has also had a couple of welcome announcements:
Charities who are provided support to those affected by the pandemic are to receive significant support by way of a £750 million package, of which we are told £370 million will go to small local charities who are working hard to help those affected in their local communities.
Further announcements and changes are taking place on an almost daily basis so we will continue to monitor this, so please do keep an eye on our News pages and social media channels to keep up to date. Will Abbott has launched a Business Support Checklist which all businesses would benefit from reviewing to check they are harnessing all the support to which they are entitled, click here for details.
James Geary is head of Corporate Tax and is happy to help with any questions or concerns you may have at this time – you can contact James on firstname.lastname@example.org or 01242 776000 to arrange a call back.