Wednesday, August 5, 2020

Survey launched to understand impact of COVID-19 on self-employed individuals

A Yorkshire-based firm of chartered accountants and businesses advisors has launched a nationwide survey in a bid to understand the impact that COVID-19 is having on self-employed individuals.

The online survey developed by Shenward aims to understand how severely affected self-employed individuals have become during the pandemic and the percentage of which won’t qualify for financial support under the self-employment scheme announced March 26th.

Comprising a series of questions relating to income, loss of work, previous revenue, profits, self-employment start date and financial dependents, the survey has been developed in line with the criteria for the newly announced self-employment support scheme.

Respondents will be asked to select an answer that best suits their current position, but will not be asked to disclose their name, email or home address, so that they feel able to provide honest feedback.

Sherad Dewedi, managing partner at Shenward said: “As Chancellor Rishi Sunak confirmed, the COVID-19 pandemic has caused the biggest peacetime economic shock the UK has ever faced.

“The government has done well to introduce a number of financial measures to support individuals during the pandemic, but most of the initial measures announced were aimed at businesses and individual employees.

“However, after many campaigned for support to be introduced for those individuals who are self-employed, on 26 March he announced that a new package would be available in June 2020, which he suggested will offer financial support to around 95% of the self-employed population.

“We instantly recognised that the remaining 5% would be concerned about the lack of financial support and wanted to do something to help campaign for change, so we launched the anonymous survey to find out more.”

Founded in 1989 by Rajeev Dewedi, Shenward is an established and respected firm of Chartered Accountants and Business Advisors based in the heart of Yorkshire, with offices in both Bradford and Leeds.

A multidisciplinary practice, they provide professional support to businesses and individuals both nationally, and internationally, managing a multitude of functions falling under the umbrella of Tax, Business Advice, Audit and Accounts, and HR Payroll.

As a firm, and as individuals, Shenward undertakes a range of activities to support communities both locally and further afield, and enjoy an excellent reputation with public organisations, visionary entrepreneurs, and politicians.

They developed the survey following concerns that many self-employed individuals either wouldn’t meet the criteria set out by the Chancellor, or they wouldn’t receive sufficient financial support due to the way in which income will be reviewed.

The firm believes that by obtaining first-hand knowledge of the impact on self-employed individuals and the percentage of people who won’t qualify for any form of support other than the £94.25 per week Universal Credit, they can develop a case for campaign.

Sherad added: “There’s no denying that the financial measures put in place already are outstanding and the government has responded quickly to the needs of the country, but we fear that more people than initially predicted won’t meet the criteria for support and will be left without sufficient income.

“Our main concern with regards to the self-employment support is that June 2020 is over 3 months away, which is a long time for self-employed individuals who are used to earning a significant living to go without income.

“Furthermore, those who became self-employed after April 2019 do not appear to qualify for self-employed help due to HMRC using 2018/19 tax returns to calculate the payments.

“By collecting the data, we can begin to understand the real impact and reach out to decision-makers with our findings.”

Data collected from the survey will be analysed internally and used to drive a social media campaign focusing specifically on self-employment support, with the potential of presenting the data to decision-makers throughout the UK.

Self-employed individuals, directors, and shareholders across the UK are invited to provide their honest thoughts and feedback via the online survey here https://forms.gle/kaCiFVXRffftfrMA8 before the 14th April 2020.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

Plans for tourism destination at Lincolnshire golf course approved

Plans for a major tourism destination on a Lincolnshire golf course will deliver a significant boost to the region’s local economy and tourist sector,...

ABP deal sees British Steel resume control of Immingham Bulk Terminal

British Steel has resumed operation control of Immingham Bulk Terminal (IBT) after completing a deal with Associated British Ports (ABP). The facility operated by British...

Revenue rise for electronics manufacturer

Filtronic, the AIM-listed Shipley-based electronics manufacturer, has reported a rise in revenue in full-year results released this week. For the year ended 31 May 2020,...

Discretionary Grant Fund reopens to COVID-hit Leeds SMEs

Leeds-based SMEs and charities in Leeds affected by COVID-19 are being urged to apply for support as the Discretionary Grant Fund (DGF) reopens for...

SME manufacturing activity falls at record pace

SME manufacturing output volumes fell at the fastest rate on record (since October 1988), according to the latest quarterly CBI SME Trends Survey. The survey...

Lockdown leads to sales surge for Gelder’s online business

The COVID-19 lockdown has delivered a sales surge for Lincolnshire-based Gelder Group’s online business, LoveDIY. Amongst the thousands of tins of emulsion, 844 tins of...

Related news

Plans for tourism destination at Lincolnshire golf course approved

Plans for a major tourism destination on a Lincolnshire golf course will deliver a significant boost to the region’s local economy and tourist sector,...

ABP deal sees British Steel resume control of Immingham Bulk Terminal

British Steel has resumed operation control of Immingham Bulk Terminal (IBT) after completing a deal with Associated British Ports (ABP). The facility operated by British...

Revenue rise for electronics manufacturer

Filtronic, the AIM-listed Shipley-based electronics manufacturer, has reported a rise in revenue in full-year results released this week. For the year ended 31 May 2020,...

Discretionary Grant Fund reopens to COVID-hit Leeds SMEs

Leeds-based SMEs and charities in Leeds affected by COVID-19 are being urged to apply for support as the Discretionary Grant Fund (DGF) reopens for...