Accounting firms voice concerns with coronavirus grant schemes for SMEs
by Startacus Admin
Countingup, a VC backed startup building one financial hub for 1m small businesses, and nearly 250 accountancy firms have written to the UK Government to appeal for gaps in coronavirus support for small businesses to be bridged.
it's fair to say we've been reporting on concerns about the level of some support that the UK government is offering to the UK startup and small business community. From the Save our Startups campaign, to the recent EISA Survey focused on growth businesses, it's true that questions continue to be asked...Now, Countingup and nearly 250 accountancy firms have written to the UK Government to appeal for gaps in coronavirus support for small businesses to be bridged.
Representing over 70,000 small businesses, the letter voices the concerns and questions posed by small businesses, which accountants are hearing day in day out. 250 accountancy firms contributed, and put their name to the letter, over the bank holiday weekend.
The letter, published at covid19.countingup.com, states that, “More urgency is needed to award grants today. Many businesses face collapse today.“ It also states,
“Entrepreneurs face their business being crushed.” The letter highlights two broad themes:
1. Support those businesses left behind by the Job Retention Scheme (JRS) and Self-Employment Income Support Scheme (SEISS).
2. Provide more clarity on the process and timings of JRS and SEISS grants.
The letter sets out how limited companies with directors who remunerate themselves via dividends, sole traders who started trading since 6th April 1 2019 and sole traders with previous trading profits over £50,000 are all being unfairly left behind by the JRS and SEISS grants.
It also asks for clarity on when grants will be provided, that this process needs to be sped up, and certain wording used such as “trading profits” for the SEISS needs to be better defined.
Tim Fouracre, Countingup’s CEO, comments, “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.”
The full letter is set out on Countingup’s covid-19 microsite, covid19.countingup.com, which also offers calculators to help interpret the support and grants available to small businesses.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
.jpg)
How to select your best ideas and take them forward - Chris Thomason, Founder of Ingenious Growth shares 5 tips to help you do just that.
Early stage VC fund Anamcara led by Female Solo GP Closes $10.6M Seed Fund to Invest in Founders Building Defining B2B Software Companies
Want to ensure your startup runs smoothly? Hamid Bagherzadeh, Legal expert and Co-Founder of LegaMart shares insights on the legal contracts that will help you do just that.
Koala, the innovative travel insurtech startup, secures investment to fuel its growth in Europe, expand its team and build additional travel protections.
The best early stage tech startups from across the UK revealed in Tech Nation’s final Rising Stars competition.
Over 100 organisations come together via The Micro Business Alliance to help provide a voice for the UK's startups, micro businesses and small businesses.
The lowdown on London-based hearing wellness startup Mumbli and its mission to help businesses provide inclusive spaces for all hearing abilities and preferences.
Tech Nation calls for tangible support to secure capital, talent, growth and exits needed to accelerate the growth of UK tech in decade ahead.
Glasgow-based This is Milk seeks investment for Neve Learning, its cloud-based Ed-Tech platform that has inclusivity and accessibility at its core.
.jpg)
With the UK facing a clear digital skills gap, Amy Caton, Digital Talent and Impact Senior Manager at BT Group shares some insights on what businesses should do to close that divide.
Published on: 14th April 2020
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Anamcara launches $10.6M seed fund to back new wave of business tech 30th Mar 2023 Early stage VC fund Anamcara led by Female Solo GP Closes $10.6M Seed Fund to Invest in Founders Building Defining B2B Software Companies
- Travel insurtech Koala raises €2m to accelerate its growth 29th Mar 2023 Koala, the innovative travel insurtech startup, secures investment to fuel its growth in Europe, expand its team and build additional travel protections.
- Tech Nation announces the 10 winners of its latest Rising Stars competition 29th Mar 2023 The best early stage tech startups from across the UK revealed in Tech Nation’s final Rising Stars competition.
- Micro Business Alliance launches to represent 75% of the UK’s businesses 28th Mar 2023 Over 100 organisations come together via The Micro Business Alliance to help provide a voice for the UK's startups, micro businesses and small businesses.
