By Aisling Finn on Wednesday 15 April 2020
The 250 firms are asking for more support for sole traders and SMEs currently excluded from the Government schemes.
Countingup, the SME banking and accounting app, has joined forces with 250 other accountancy firms calling on the Government to overhaul its Job Retention Scheme and Self-Employment Income Support Scheme (SEISS).
The two schemes were introduced by the Government to offer financial support to small businesses and self-employed workers amid the coronavirus pandemic.
The letter details those who are currently excluded from claiming under the government scheme, including newly self-employed workers who started trading after 6 April 2019, directors who pay themselves in dividends and self-employed traders with historic profits over £50,000.
Tim Fouracre, Countingup’s CEO, said: “We welcome the government support that’s being made available to sole traders and limited companies. We simply appeal for it to be provided equitably across the range of small businesses represented in the UK.”
Countingup has also recently launched a free-to-use furlough calculator for sole traders and compiled a list of useful information for self-employed workers to better understand the support they can receive.
The calculator requires tax information from the past 3 years and is designed to help those seeking financial assistance from the SEISS.
Countingup is not the first fintech to call for an overhaul of a Government scheme—at the beginning of this month, OakNorth joined calls from other industry leaders to change the Coronavirus Business Interruption Loan Scheme to include bigger businesses.
The Chancellor ultimately listened to those calls and introduced the Coronavirus Large Business Interruption Loan Scheme (CLBILS) to include larger SMEs, however, non-bank lenders are still excluded from the scheme.