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Mitch Hahn
CEO - Nordens
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At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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02085300720
enquiries@nordens.co.uk
The Retreat, 406 Roding Lane South, Woodford Green, IG8 8EY
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On 26 March 2020, the Chancellor announced that the Government would provide support to self-employed workers in the form of a cash grant of 80% of their profits, up to £2,500 per month. This is known as the Coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS).
Here are some of the most frequently asked questions (FAQ’s) regarding this:
What is meant by ‘total income’ and ‘trading profits’ for the purposes of the SEISS?
HMRC’s guidance explains how to work out total income and trading profits – see here.
How is the requirement to show that trading profits have been lost as a result of the COVID-19 crisis to be determined?
You will need to confirm to HMRC that your business has been adversely affected by coronavirus. HMRC will use a ‘risk based approach’ to check a person’s compliance with the scheme rules.
Is it possible to amend a 2018/19 tax return before 23 April 2020, for example if one had been using the cash basis, the trading allowance or had claimed capital allowances, and had reported lower profits as a result?
No, if a person amends their 2018/19 tax return after 26 March 2020, any changes will not be taken into account when working out their eligibility for the SEISS or the amount of the grant.
Does one look at the trading profits and total income at partner level or at partnership level when working out whether a partner in a partnership is eligible to claim a SEISS grant?
HMRC’s guidance says that a member of a partnership can make a claim for the SEISS grant and that it is their trading profits and their total income which should be looked at in working out if they meet the eligibility criteria.
For the self-employed who started trading during 2019/20 (and who are not included in the SEISS), would it be possible to submit a 2019/20 tax return before 23 April 2020 to receive self-employment income support?
We are waiting to hear from HMRC whether this will be possible. For now, unfortunately, if you were not self-employed in the 2018/19 tax year and so did not submit a 2018/19 tax return showing any self-employed income then you are not eligible for the SEISS. Click on this link to check if you qualify for other government support.
How will HMRC contact taxpayers whom they consider will be eligible? Will it be by letter, email or through their personal/ business tax account? What about those who happen to be digitally excluded for some reason?
The scheme is not open yet and taxpayers are being asked NOT to contact HMRC but to wait for HMRC to contact them. HMRC will aim to contact taxpayers who are eligible for the scheme by mid-May 2020. HMRC will use tax returns already submitted to contact individuals identified as eligible and invite them to apply online through GOV.UK. For people unable to claim online there will be an alternative way to claim. Further details will be provided by HMRC soon. We don’t yet know how HMRC are intending to contact those people they identify as eligible.
⚠️ Be careful of fraudsters using texts, telephone calls or emails pretending to be HMRC or the government and requesting your bank account details. You will be asked to access the SEISS through GOV.UK.
What’s the position if a person has received loans impacted by the loan charge?
If you had loans impacted by the loan charge, you’re going to declare a loan charge or settle your disguised remuneration scheme involvement with HMRC by 30 September 2020, and you’re going to claim a grant through the SEISS, your grant will be based on either:
· the average of the tax years 2016/17 and 2017/18
· the tax year 2017/18 if you were not self-employed in the tax year 2016/17
You should file your self-assessment tax return for 2018/19 by 30 September 2020. It does not have to be submitted by 23 April 2020.
What if an individual is self-employed with more than one trade at the same time? Do you combine them?
Yes, if a person has more than one trade in the same tax year, HMRC will add together all the profits and losses for all the trades to work out the trading profit.
How does it work when a taxpayer has made a loss in one of the tax years on which the grant will be based?
In-year losses are taken into account as well as profits in calculating a person’s eligibility for the grant and the amount of the grant they will receive.
If an individual has remained self-employed throughout the 2016/17, 2017/18 and 2018/19 tax years but has changed what they do, for example, running a shop, then closing it down and becoming a window cleaner, does this matter?
No, so long as the periods of self-employment are continuous.
What is the position for property lettings businesses? Do they qualify for the SEISS?
Property lettings businesses are not regarded as a trade so landlords will not qualify for the SEISS.
Click here to view our Nordens Care Pack where you will find an SEISS calculator and many other tools you may find helpful.
Have any further questions? Contact us straight away on 02085300720 or email enquiries@nordens.co.uk
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.
Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.
Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.
Voted as EXCELLENT - 9.9 out of 10 based on 167 reviews
Director - Metro Bank
Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.
Co-Founder - Chicmi Limited
Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.
Director - Rose Opticians
I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation
Founder & Director - Physio LDN
Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.
Principal - Pauline Quirke Academy
Great accountants, always available to offer advice. The team have transformed my business.
Founder - Dataphone
Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.
Director - Linekers
Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!
Founder - Foundation Sports Limited
A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.
Managing Director - Prime Time Boilers
I have been with Nordens for many years now and they are a great accountants.
Founder - Vivid Finishes
We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.
Managing Director - AMD Interior Architecture
Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.
Director - Forma London
Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!
We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.
We love making videos that break down convoluted accountancy jargon into plain-talking, actionable and accessible facts.
In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Mark Norden
Founder
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!
At Nordens, we're committed to keeping our clients updated on all things business strategy and news. Each week we update our newsletter subscribers on what really matters in the big bad world of business. That way, you can stay one step ahead!
Call: 0208 530 0720
Email: enquiries@nordens.co.uk
Interested In Nordens? Give us a call on 0208 530 0720 or or request a direct call back anytime between 8:00am to 6:00pm!
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Nordens is a trading name of Nordens Limited, a limited company registered in England under company number 04709951. Our registered office is: The Retreat, 406 Roding Lane South, Woodford Green, Essex, IG8 8EY.
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