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South West chartered accountants and business advisors PKF Francis Clark have launched an online calculator to help the self-employed find out what help they can expect from the Government’s Coronavirus Income Support Scheme.
The tool is part of a range of free online resources created by the firm to help those affected by the pandemic access the variety of support available.
The Self-employment Income Support Scheme will provide a taxable grant worth 80% of an individual’s average trading profits over the last three years, up to £2,500 per month. It is available to self-employed people, or members of trading partnerships, with trading profits of less than £50,000.
Announcing the scheme, Chancellor Rishi Sunak said: “Self-employed people are a crucial part of the UK’s workforce who’ve understandably been looking for reassurance and support during this national emergency.”
The South West has the highest rate of self-employment in the UK outside London, at around 17% of the region’s labour force.
John Endacott, partner and head of tax at PKF Francis Clark, said: “This is a deeply worrying time for our region’s self-employed community as the coronavirus lockdown is impacting on their income and, in many cases, their ability to work altogether.
“The Self-employment Income Support Scheme is a vital lifeline for many, with grants due to be paid in June as a single lump sum. Those who are not eligible for this scheme, or are newly self-employed, should consider applying for Universal Credit.
“Our teams are monitoring all the measures announced by the Government to address the economic impact of coronavirus and analysing what they mean for individuals and businesses. We are regularly updating our website with information and resources to help those affected navigate the variety of support available.”
PKF Francis Clark’s online calculator allows anyone who is carrying on a self-employed trade for income tax purposes to check if they are eligible for a grant via the Self-employment Income Support Scheme and work out how much they may be able to claim. The firm is also helping businesses across the region to access funds via the Coronavirus Job Retention Scheme and the Coronavirus Business Interruption Loan Scheme, as well as advising businesses on other grant support.
More information can be found at pkf-francisclark.co.uk/coronavirus-updates.