Countingup, the number one banking and accounting app in the UK, has launched a free coronavirus grant calculator for sole traders, grantcalculator.co.uk.
The calculator helps self-employed sole traders see what grant they are likely to be eligible for under the Self-employment Income Support Scheme which is due to launch at the end of April. They can also see likely lost earnings.
Tim Fouracre, founder and CEO of Countingup said, “This calculator will help sole traders who intend to take advantage of grants available under the Self-employment Income Support Scheme. Sole traders who need support are likely to feel the pinch on their cash flow and this tool will help them plan ahead.”
The calculator takes the three most recent years of profit for a sole trader, calculates the average profit, limits to 80% and then determines if the grant is within the government’s monthly cap of £2,500. The intention is to break down the policy into practical financial outcomes.
Fouracre added, “It’s our mission at Countingup to make it easier to run a small business. Right now, it’s really tough running a business. Some of the 1 team took time out from our banking and accounting app to launch this calculator. We hope it helps both our customers and other sole traders whose businesses are being adversely impacted by COVID-19. It’s freely accessible on our website at grantcalculator.co.uk.”
Fouracre urged the government to do more, saying, “Self-employed sole traders who set up after 6 April 2019 are not eligible for this grant. Sole directors, running limited companies and paying themselves mainly in dividends, are not eligible for the Coronavirus Job Retention Grant either. More needs to be done to support these types of businesses who are facing the same challenges as everyone else.”
About the Self-Employment Income Support Scheme
This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months (may be extended).