Business Woman

MPs sitting on a treasury select committee are pushing the government to offer greater support to self-employed sole traders and any other sections of the business community that have missed out on coronavirus help.

These MPs are arguing that around one million of the self-employed community, including limited company directors and people who were not self-employed for long enough before the pandemic to have the necessary tax return records, are ineligible for the SEISS grants provided by the government. In addition to this, many people who began new jobs just before the lockdown are not eligible for the furlough scheme.

In the report it has published, the select committee suggests that a way of including new job starters within the furlough scheme should be sought. It also recommends scrapping the annual profit cap of £50,000 to allow those whose profits are marginally higher than that, like creative sector workers, to claim some support.

Among the other suggestions in the report are that PAYE freelancers should be helped via payments that cover 80% of average earnings per month during the initial eleven months of tax year 2019/20, and that a way should be found to assist new sole traders who do not have sufficient tax records to be able to claim the SEISS grants.

Speaking to an accountant for sole traders in South Yorkshire or their region of the country is an option open to those who have not received state help during the coronavirus crisis and are struggling to manage their finances.

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