It has been confirmed that the minimum weekly hours requirement to be eligible for tax credits has been temporarily suspended because of coronavirus. Tax Credits can provide top-up payments to those on low incomes.
The present lock-down has had a varied effect on UK businesses.
Obviously, firms that operate in hospitality, tourism and retail – where in the main, the no-contact directive means businesses can no longer operate – have more or less stopped trading. Ironically, other businesses that have built their sales online are flourishing.
Up to the lock-down, most business owners were fully engaged in running their businesses and chasing new sales opportunities. The opportunity to take time out to consider longer-term issues: expanding your business, planning for a business exit or retirement, were fanciful strategies that may have crossed our minds in the second before we slept or when stretched out on a beach towel.