We hope you are keeping safe during this very trying time, and that you and your family have not been too badly affected by COVID.
We would like to take this opportunity to thank you for your continued business and your understanding in how we have had to adapt our business over the last 12 months. It is much appreciated and we hope that you are happy to continue with our present arrangements for meetings being conducted on-line or by telephone.
Please do not hesitate to contact us should you have any issues.
Whilst writing we would also like to announce that we will at some stage during the course of 2021 like to organise some sort of celebration as Simia Wall will be more than 100 years old, and we have not as yet been able to mark this milestone.
As you are aware our building at Bishopsgate is looking very tired, in fact there are problems with the roof as well as other major dilapidations. Also it is not very client friendly which we are sure any of you who have had to climb the many stairs will agree! We have therefore decided to move to Longcroft House, 2-8 Victoria Avenue, London EC2M 4NS. This site is a 2 minute walk from our current location and is just the other side of the Police Station. The new offices are brand new and have all modern facilities, including a reception and toilets! We attach herewith a map showing our new location https://goo.gl/maps/oqfgjd1m8YdMCjfY9
Please note we will be changing our clients Registered Offices to Stanmore.
The move will take place next month and the staff presently at Sir Robert Peel House will be moving over to the new offices. Although the offices will be open to drop paperwork into, if you would like to speak with a member of staff on a face-to-face basis this will be by appointment only.
We will have a central phone system therefore it would be better if you were to use only the 0208 732 5500 number. However if you are used to using the old number 0207 283 1604 this will be continue to be redirected to our system, therefore nothing will change except the location.
Recent Tax Changes
Spring Budget 2021 – Please do look at our web site www.simiawall.com where you will find detailed information on the Spring 2021 Budget.
IR35 – The new IR35 rules are coming in on the 6th April 2021, again please look at our web site under News for more details. We are working with a firm of solicitors that can assist you with your IR35 contract. Should you require please let us know.
Brexit – Again our website has some articles that you may wish to look at further if Brexit is affecting your business.
SEISS Grant 4
Who can claim?
- You have to be Self-employed or member of a partnership.
- You need to look at your 2019/20 Tax return first- Your trading profits must be no more than £50,000 and at least 50% of your total income must be from self-employment (does not include rental income, interest, dividends etc)
- If the above does not apply you will then look at the tax years 2016/2017, 2017/2018, 2018/2019 and 2019/2020 and take the average over those 4 years.
- You must have traded in 2019/20
- You must have traded in 2020/21, ie- will declare some turnover
- Your 2019/20 tax return must have been submitted by 02/03/2021
You must either:
- be currently trading but are impacted by reduced demand due to coronavirus
- have been trading but are temporarily unable to do so due to coronavirus
You must also declare that:
- you intend to continue to trade
- you reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus
How much will I get?
The fourth grant will be worth a maximum of 80% of 3 months’ worth of trading profits capped at £7,500. To calculate HMRC will look at the tax returns submitted for 2016/17, 2017/18, 2018/19 and 2019/20 and work out your average trading monthly profit.
When can I apply?
Application will open in late April. If you are eligible HMRC will contact you in mid-April to give you your personal claim date.
A fifth grant will be available from late July. Exact details and eligibility criteria will be announced close to the time.
What do we know now?
The amount of the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.
The fifth grant will be worth:
- 80% of 3 months’ average trading profits, capped at £7,500, for those with a turnover reduction of 30% or more
- 30% of 3 months’ average trading profits, capped at £2,850, for those with a turnover reduction of less than 30%