Capital on Tap has been working cooperatively with other Fintech service providers in order to develop a software tool, which aims to assist businesses with tracking and claiming back the funds they may have lost, due to the deadly Coronavirus (COVID-19) outbreak.
Capital on Tap has launched a new system, after working closely with other Fintech firms, in order to make it easier for sole traders and self-employed individuals to demonstrate loss of income to Her Majesty’s Revenue and Customs (HRMC).
The proof of concept (PoC) website is now live and those who may be interested are able to join the company’s waiting list.
Although the UK government recently confirmed it would offer financial assistance to full-time workers, many self-employed or sole proprietors might now be experiencing challenges due to shortage of cash flows, and other difficulties when trying to determine their actual income.
A group of UK Fintech firms, which includes Credit Kudos, Fronted, 11:FS, Coconut, Capital on Tap, Mazuma, Seedlegals and True Layer have been working on creating a software solution, called “Covid Credit.”
Covid Credit allows users to provide their banking details and prepare a simple PDF report, which may be sent to the HMRC, in order to provide a summary of their financial situation.
The PoC was developed after a discussion took place in the UK’s Fintech community regarding how to extend support to millions of local consumers. While the recent update from the nation’s government is that self-employed individuals will be eligible for as much as £2,500 each month, the funds might not be distributed until June 2020.
The Covid Credit solution should help the UK government in expediting the processes they’ve put in place to process the applications from sole traders. This should ensure that companies that may be at significant risk, during these challenging times, will get the financial relief they need as fast as possible.
Capital on Tap has also been recruiting additional staff for its customer service department, and has reportedly applied to become an accredited lender of the Coronavirus Business Interruption Loan Scheme (CBILS).
David Luck, CEO at Capital on Tap, stated:
“Covid Credit is a tool that we hope will really make a difference to small businesses and those who are self-employed. It is important to us to make that process easier during this challenging situation.”
“A large portion of our customer base are sole traders and would need additional financial support from the government due to lost work. Our focus has been on what we can do to support our customers, whether that’s through initiatives like Covid Credit, or providing information on other government schemes like those that provide business rate relief or grants.”