Our professional body AAT recently expressed they were disappointed that the chancellor did not write off loans for SME businesses 

Phil hall of the AAT explains:

“AAT is disappointed that the Chancellor did not write off Bounce Back Loans for SMEs. In AAT’s view, this would have been a pragmatic step that would have hastened recovery.

Phil Hall explained:

“The Government has admitted up to 60% of these loans could be written off, with the Public Accounts Committee suggesting the figure could be as high as 80%. AAT has long recommended that all legitimate Bounce Back loans be written off. This is something that we will continue to press the Treasury to consider.”

  • “More support for the self-employed”
  • “In keeping with prolonging the CJRS, the Self-Employed Income Support Scheme will be extended. Those who filed a tax return by last night and draw the majority of their income from self-employment will be eligible. This takes in another 600,000 people, including some who launched into self-employment last year.”
  • “AAT has repeatedly called for more help for the self-employed during this crisis. We are pleased that the Chancellor has today confirmed millions of workers will have access to grants of up to £7,500 – claiming 80 per cent of average monthly profits up to a maximum of £2,500 a month,” said Phil Hall.”
  • “Making an additional 600,000 self-employed people eligible by accepting claims from those who had filed a 2020 tax return is also something that AAT had campaigned for and very much welcomes.”