As the dust settles on a Chancellor’s Budget speech that was more an animated short, rather than the summer blockbuster we all hoped for, there is a sense of relief for the majority of self-employed and small business owners around the UK. But there are still over 2 million self-employed and small business owners that are shaking their heads in further frustrations as quite simply, nothing has changed.
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Some are saying this is one of the most important budget speeches since World War 2. Others are frustrated at the Governments continuous ‘leaks’ to the press about what’s going to be announced later this afternoon. But there could well be more help for the self-employed which are due to be announced in the Budget, including the possibility of first grants for an estimated 600,000 people.
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The Self Employed schemes that the UK Government created have left thousands of self employed business owners and workers ‘forgotten’ and in many cases on the verge of collapse.
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“I think a lot of people in the world…going through a pandemic, going through lockdown and the isolation involved in that has an impact on people’s mental health,” says Tom Blomfield, founder of Monzo, the digital only bank.
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A group of MP’s have said that HMRC’s outdated and old systems are at fault for why freelancers and small business owners have fallen through the CoVid19 Support Schemes
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While the Government’s financial schemes have been a real help to many businesses during the coronavirus pandemic, fraudsters are quick to find ways to take advantage. The Coronavirus Job Retention Scheme (CJRS), known as the Furlough Scheme, is no exception and along with other financial support such as the Business Bounce Back Loan Scheme (BBLS), they are opening up a whole new risk of prosecution to business owners. Steven Mather, a commercial lawyer with Nexa Law, writes.
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