A Parliamentary committee has expressed its belief that the Treasury could include the newly self-employed in the next round of SEISS grants, taking account of tax returns now being filed for 2019-20.
Others that have been left out, such as those making less than 50 per cent of their income from self-employment could also be included. Other considerations, such as taper payments to those with trading profits above £50,000, should also be considered to keep more limited company directors from filing insolvency and having to make employees redundant.
Esther McVey, the Conservative MP and former minister who co-chairs the APPG, urged the Treasury to take action. “We are talking about offering vital support to 3m people who, in one way or another, have made the leap towards running their own businesses. Abandoning this group sends out the message that Britain is abandoning entrepreneurs, those who see a gap in the market to create wealth and jobs for the country.”
The latest ACCA survey of UK accountants representing approximately 6,000 SME clients shows 28 per cent of them will probably not have enough funding for the next six months and expect to be unable to access the necessary funds for future trading. A further 24 per cent still do not know if existing funding will be sufficient.