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In what has been a turbulent week, the Government has announced an unprecedented level of support for the UK economy in response to the Coronavirus. This document summarises some of the key announcements made this week.

From 1 April 2020, nearly three million workers are set to benefit from increases to the National Living Wage (NLW) and minimum wage rates for younger workers, according to estimates from the independent Low Pay Commission. From 1 April 2020, the NLW will rise from £8.21 per hour to £8.72 per hour.

Have you woken up in a cold sweat with the terrible realisation that you’ve made a mistake on your self-assessment tax return? We’re here to help! Follow the simple steps in this guide to correct your mistake.

Each year HMRC undertake a PAYE reconciliation for employed individuals who are not required to submit a tax return to check that the correct amount of tax has been paid. Where it has not, HMRC will send out either a P800 tax calculation or a PA302 simple assessment.

From 6 April 2020 the off-payroll working rules that have applied since 6 April 2017 where the end client is a public sector body are to be extended to large and medium private sector organisations who engage workers providing their services through an intermediary, such as a personal service company.

HMRC have recently run a campaign to remind people that they could be missing out on up to £2,000 per child, per year, towards the cost of childcare.

Entrepreneurs’ relief is intended to reduce the rate of capital gains tax to a flat rate of 10% on certain qualifying business disposals. Certain aspects of the relief have recently changed, and this may affect any subsequent tax liability.