Burgis and Bullock, a midlands accountancy firm, has urged the government to act with greater conviction in providing support for those who are self-employed.
While chancellor Rishi Sunak recently announced grants totalling £4.6bn to help struggling businesses, the firm is surprised by the “lack’ of financial aid being offered to self-employed workers.
Sean Farnell, a partner at the company, said: “Some businesses, like those in the supply chain, have had no support since March. I know a number of self-employed people who earned over the 50k threshold in 2019 and have had no income or government support in 2020.
“It is very difficult to assess who the individuals are who need this support and I fear that is why Government has looked to avoid this group.”
Farnell suggests that while it is “difficult” to judge the levels of support for self-employed citizens due to income being flexible and reported 12 months in arrears, a bounce back loan system would have been a conceivable method to blueprint from.
He added: “One way of doing it could have been something similar to a bounce back loan scheme for the self-employed and then given the opportunity, if their income was below a certain level when the tax return goes in, to write those loans off as a grant.
“It would have been complex and I understand why it hasn’t been done, but after nine months there should have been some solution.”