ACCA Cymru (the Association of Chartered Certified Accountants) has pledged its support for those missing out on governmental support for loss of earnings during lockdown, including the recently self-employed, company directors and those in supply chains.
Substantial funding packages – including the UK government’s £55bn furlough scheme – have been created for other groups within the UK’s workforce. However, ACCA, in conjunction with the Federation of Small Business, and TheForgotten Ltd, is calling for a Directors Income Support Scheme to be created, akin to the UK government’s Self-Employed Support Scheme, to support company directors.
Lloyd Powell, Head of ACCA Cymru Wales, says: “It’s a common misconception that all company directors make substantial profits and are on generous salaries, but they are often running small, or micro, perhaps family-run, businesses.
“This group makes a significant contribution to Wales’ economy, and if we are to support recovery, self-employed company directors need backing to avoid bankruptcy.
“Some have perhaps had to continue to work, putting their own health and wellbeing, as well as that of their families and clients, customers, or complete strangers, at risk, because of no income and mortgages and bills continuing to come in.
“Support from the UK government would go some way to securing the future of these businesses before they fall beyond recovery. Many of our members work for companies like these, and we are keen to speak out on their behalf. A cash injection is exactly what many companies need to enable them to survive and to continue to employ staff, generate taxes, and to contribute to their local economy and community.
“This funding could, in fact, help save up to 7.5 million jobs UK-wide.”