We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at Blue Sky Accountants Limited.
HMRC has confirmed it will be contacting potential claimants for the fourth Self-employment Income Support Scheme (SEISS) grant this month.
The tax authority will send communications by email, letter or within the online service to individuals based on their tax returns. The fourth grant will be 80% of three months' average trading profits, to be claimed from late April 2021.
Payment will be in a single instalment capped at £7,500 in total and will cover the period February to April 2021. The scheme has been extended to those who have filed a 2019/20 self assessment tax return prior to 3 March 2021.
Claimants must have been impacted by reduced activity, capacity and demand, or have been trading previously and temporarily unable to do so. The online service to claim the fourth grant will be available from late April 2021. All claims must be made on or before 1 June 2021.
There is no requirement that an earlier SEISS grant has been claimed to be able to claim the fourth grant. Applications for the fourth grant can be made here.
If you require help with an application or need a compliance review on your eligibility, please contact us.
The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'.
Main Budget proposals
Tax measures include:
Other measures include:
Previously announced measures include:
Some Budget proposals may be subject to amendment in the 2021 Finance Act. You should contact us before taking any action as a result of the contents of this summary.
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Blue Sky Accountants Limited
6 - 8 Revenge Road
KENT ME5 8UD
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Tel: 01634 673189
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