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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
Get In Touch
02085300720
enquiries@nordens.co.uk
The Retreat, 406 Roding Lane South, Woodford Green, IG8 8EY
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The Self-Isolation Support Payment Scheme, otherwise known as the Test & Trace Support Payment Scheme, came into effect on the 28th September 2020. The aim of the scheme was to aid people financially who were forced to self-isolate after coming into contact with COVID-19.
If NHS Test & Trace informed you that you will need to self-isolate, or if you’re the parent or guardian of a child who has been told to self-isolate, then you may be eligible for the £500 payment. You must’ve met all of the following criteria in order to apply for the payment:
If you’re not on one of these benefits, you could be eligible for a £500 discretionary payment if all the following apply:
Payments received under any of these schemes are taxable but are exempt from Class 2 and Class 4 National Insurance contributions. When it comes to reporting the Self-Isolation Support Payments, it can be a little tricky with lots of factors weighing in. Here’s all you need to know on how to correctly file the Test & Trace support payments.
Filing Self-Isolation Support Payments If You’re Employed
If you’re employed and have been unable to carry out your usual working schedule remotely whilst having to self-isolate then you will have to include the payment in your annual self-assessment. The payment will need to be filed under the ‘Other benefits (including interest-free and low interest loans)’ box of the ‘Benefits from your employment’ section of the self-assessment form SA102.
This will then be calculated by HMRC and you will then be accordingly taxed.
Filing Self-Isolation Support Payments If You’re Self-Employed
If you’re self-employed then you must follow the same method as if you were employed, including the payment when filing your annual self-assessment returns. If your total relevant profits for tax year 2020/2021 are below £6,475, you do not need to make any adjustments to your profits for the Class 2 National Insurance contributions exemption.
If your total relevant profits for tax year 2020/2021 exceed £6,475, you may have to make an adjustment for the Class 2 or Class 4 National Insurance contributions exemption. You should enter the amount of the self-isolation support scheme payments received in the ‘Adjustment to profits chargeable to Class 4 National Insurance contributions’ box on either your:
If you normally complete a short tax return (SA200) and your profits are £6,475 or more, you may need to complete the main tax return (SA100 and any relevant supplementary pages) instead. This is so you can make the adjustment for the Class 2 or Class 4 National Insurance contributions exemption.
If you wish to pay Class 2 National Insurance contributions voluntarily, you can still do this by ticking the appropriate box on your return.
Filing Self-Isolation Support Payments If You Are A Trading Partnership
If you are a part of a trading partnership, then only the partner who receives the payments is entitled to adjust their taxable profit share for Class 2 and Class 4 National Insurance contributions purposes.
Where the self-isolation support scheme payments are not included in a partnership’s accounts, the recipient of the payments should enter the payments received on their partnership pages (SA104F or SA104S), in:
box 19 – ‘Any other business income not included in the partnership accounts’
box 27 – ‘Adjustment to profits chargeable to Class 4 National Insurance contributions’
If Your Return Needs Readjusting
If you’ve already submitted your tax return for tax year 2020 to 2021 but have not made the required adjustments, then it’s essential that you correct this. Fear not though, this is a relatively simple process.
If you have submitted your return online through the HMRC portal, you will need to submit an amendment by completing the appropriate ‘Adjustment to profits chargeable to Class 4 National Insurance contributions’ box.
If you don’t submit your returns online, you will need to provide written correspondence to HMRC, asking to amend your return by making an adjustment for the Class 2 and Class 4 National Insurance contributions exemption for the amount of self-isolation support scheme payments received. You must also provide:
This must then be addressed and sent to:
Self Assessment
HM Revenue and Customs
BX9 1AS
United Kingdom
We hope this has outlined how to correctly file a Self-Isolation Support Payment whether you’re employed, self-employed or in a trade partnership. If you require any more information on any of COVID-19 government schemes, loans and grants, or anything accounting related for that matter, please don’t hesitate to get in contact with us at Nordens where one of our trusted advisors would be happy talking you through your query.
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
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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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