National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the amount of qualifying years of National Insurance contributions which can increase the amount of benefits a person is entitled to such as the State Pension.
National Insurance credits are available in certain situations where people are not working and, therefore, not paying National Insurance credit. For example, credits may be available to those looking for work, who are ill, disabled or on sick pay, on maternity or paternity leave, caring for someone or on jury service.
Trade credit insurance is a contract acquired by suppliers to make sure they get paid even if their customers default. This gives businesses the confidence to trade with one another and is especially important as the COVID-19 pandemic continues to decimate many businesses. The risk of COVID-19 meant that insurers could withdraw insurance or increase premiums to unaffordable levels.
HM Treasury has now confirmed that to prevent this from happening, the government will provide guarantees for all currently available for trade credit insurance. This will support supply chains and help businesses to trade with confidence as they can trust that they will be protected if a customer defaults on payment.
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.