We keep you updated

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.

Covid-19

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.

Spring Budget March 2021

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:

 

  • a super-deduction for companies investing in new plant and machinery
  • a time extension of the temporary increase to the SDLT nil rate band for residential property in England and Northern Ireland
  • an extension to the temporary 5% reduced rate of VAT for certain supplies
  • a temporary increase in the carry-back period for business losses
  • an increased rate of corporation tax from 2023.

 

Other measures include:

 

  • a new mortgage guarantee scheme
  • extension to the Job Retention Scheme
  • a Self-Employment Income Support Scheme fourth and fifth grant
  • an extension to the business rates holiday in England.

 

Previously announced measures include:

 

  • a cap on the amount of R&D tax credit paid to a loss-making small or medium-sized enterprise
  • new rules apply to off-payroll working payments made for services provided on or after 6 April 2021.

 

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.

Office hours

Monday - Friday 8am - 6:00pm

Saturday - by appointment only

Sunday CLOSED

 

 

Address

Blue Sky Accountants Limited

Suite 26
6 - 8 Revenge Road  

Chatham

KENT ME5 8UD

Making an appointment

If you have any queries or wish to make an appointment please contact us:

 

Tel: 01634 673189

Email: info@bsaccountantsltd.co.uk

 

Alternatively, please use our contact form.

Print Print | Sitemap
© Blue Sky Accountants Limited