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.Īt the moment, Covid Credit is a proof of concept, but there has been an amazing level of interest already with thousands of people joining the waiting list.”įor more information on Covid Credit, please see the website here. Reply from Capital on Tap 6 days ago Hi Mark, Thanks for your review, wed love to hear your feedback on how we can improve your experience Please do not hesitate to call us on 02 and our wonderful Customer Service team will be more than happy to help. It is important to us to make that process easier during this challenging situation.Ī large portion of our customer base are sole traders and would need additional financial support from the government due to lost work. “Covid Credit is a tool that we hope will really make a difference to small businesses and those who are self-employed. Other measures the company has taken include hiring additional staff in the customer service centre, and applying to become an accredited lender of the Coronavirus Business Interruption Loan Scheme (CBILS).ĭavid Luck, CEO of Capital on Tap, comments: The Covid Credit system is one of several ways that Capital on Tap is working to assist not only its customers but small businesses across the country. The intention is that the Covid Credit product will be beneficial to the government in streamlining the processes they put in place to manage the applications they receive from sole traders, to ensure businesses at risk receive support as quickly as possible. Although the latest update from the government is that self-employed will be eligible for up to £2,500 per month, however this is not due to start until June. The concept arose as part of a discussion in the FinTech community over how best to provide support to millions of customers. While the Government recently announced financial support for full-time employees, many of those who are self-employed or sole traders may now be facing uncertainty in their cash flow due to difficulties calculating their actual income.Ī group of UK Fintechs including Credit Kudos, Fronted, 11:FS, Coconut, Capital on Tap, Mazuma, Seedlegals and True Layer have been in the process of developing a simple tool called “ Covid Credit”, that allows the user to fill in banking data and create a straightforward PDF report, which can then be shared with HMRC to display the user’s financial situation. The proof of concept site is now online and those interested can join the waiting list.Capital on Tap introduces new system along with other fintech businesses to make it easy for sole traders and self-employed workers to demonstrate loss of income to HMRC. Capital on Tap has worked with other fintech companies to create a tool to help support business owners to track and claim back the money they have lost as a result of COVID-19.
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