Tuesday, April 23, 2024
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Sole traders hit hardest

Sole traders have been disproportionately impacted by Covid restrictions with 58% either not trading or trading less than pre-Covid, say a report by Small Business.co.uk

Almost half of sole traders worry they won’t be able to afford to pay themselves a salary in the next six months, according to research supported by small business lender iwoca. And sole traders – said to account for 59% of  UK businesses – are twice as likely not to be trading at all, with 14% in this predicament, compared with 7% of limited companies.

The second-biggest worry for sole traders is being able to afford new stock (28%) and then repaying emergency Covid-19 financial help such as a Bounce Back Loan (20%). Although nearly a quarter of limited companies say they are making fewer sales due to Covid-secure workplace measures, this rises to almost one third for sole traders.

Nearly four in ten sole traders say they have had fewer customers through the doors because of having to stay Covid-secure.

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