The letter addressed to Chancellor Rishi Sunak has said that hundreds of thousands of the companies remain ineligible for government initiatives such as the Job Retention Scheme (JRS) and Self-Employment Income Support Scheme (SEISS).

The letter also highlights the problems with the timescale for providing these grants to business in dire need of help during the current coronavirus crisis.

Concerns over a lack of financial support also remain for business directors and the newly self-employed who set up their business after April 6 2019, The Courier reports. 

However, the announcement made today that all viable companies with a turnover of more than £45 million can now apply for government-backed support, including those which take in more than £500m, has alleviated some stress amongst higher-earning businesses. 

Chartered accountant Tim Fouracre, CEO of online financial hub CountingUp, penned the letter addressed to the UK Government. It reads: “Our concern is that the JRS and SEISS do not go far enough to ensure the survival of the hundreds of thousands, if not millions, of small businesses who are not eligible.

“For those who are eligible, the process and timetable for the JRS and SEISS is unclear and puts these businesses at risk. More urgency is needed to award grants today. Many businesses face collapse today. They cannot wait until the end of April for the JRS.”

He stated that a date needs to be provided for the SEISS, as this is still unknown. He also argued that the government needed to be clearer about eligibility for government support and must provide more information on how firms can claim the support measures offered to them. 

Mr Fouracre urged that the government needs to do more to proactively communicate to small businesses specifically what each is eligible for.

He concluded: “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 accountants wrote to the UK chancellor as the Scottish Government announced a new £220m package for small businesses.

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