Increase In Working Tax Credits

Increase In Working Tax Credits

Increase In Working Tax Credits

The government has announced that Working Tax Credits payments will be increased from 6 April 2020.

As part of a number of measures to support the country during the COVID-19 pandemic, the basic element of Working Tax Credit has been increased by £1,045 to £3,040 from 6 April 2020 until 5 April 2021.

The amount a claimant or household will benefit from will depend on their circumstances, including their level of household income. But the increase could mean up to an extra £20 each week.

The government is also uprating Child Benefit, other tax credits rates and thresholds, and Guardian’s Allowance by 1.7% with effect from 6 April 2020.

These increases came into effect on the 6 April, but individual payment dates will vary depending on circumstances.

You don’t have to take any action and you will receive any increased payments automatically.

A full list of tax credits, child benefit, and Guardian’s allowance can be found:

https://www.gov.uk/government/publications/rates-and-allowances-tax-credits-child-benefit-and-guardians-allowance/tax-credits-child-benefit-and-guardians-allowance

For more information, Book a Free Consultation

See also  Tax credits – do I have to tell HMRC if my circumstances change?

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