Chartered accountancy and business advisor PKF Francis Clark has launched an online calculator to help the self-employed find out what help they can expect from the Government’s Coronavirus Income Support Scheme.

The tool is part of a range of free online resources created by the firm to help those affected by the pandemic access the variety of support available.

The Self-employment Income Support Scheme will provide a taxable grant worth 80% of an individual’s average trading profits over the last three years, up to £2.5k per month. It is available to self-employed people, or members of trading partnerships, with trading profits of less than £50k.

The south west has the highest rate of self-employment in the UK outside London, at around 17% of the region’s labour force.

John Endacott, partner and head of tax at PKF Francis Clark, said: “This is a deeply worrying time for our region’s self-employed community as the coronavirus lockdown is impacting on their income and, in many cases, their ability to work altogether.

“The Self-employment Income Support Scheme is a vital lifeline for many, with grants due to be paid in June as a single lump sum. Those who are not eligible for this scheme, or are newly self-employed, should consider applying for Universal Credit.

“Our teams are monitoring all the measures announced by the Government to address the economic impact of coronavirus and analysing what they mean for individuals and businesses. We are regularly updating our website with information and resources to help those affected navigate the variety of support available.”