All you need to know about Rishi Sunak’s 2021 budget as a freelancer. Here’s how the self-employed will be affected.
1) Help for the newly self-employed
An additional 600,000 of the newly self-employed will now be eligible for state financial help. If you have filed a 2020 tax return, you’ll be able to claim. From next month, claims can be made for a fourth grant worth 80% of three months’ average trading profits, up to £7,500 in total. This will then be followed by a fifth grant later in the year, covering May to September.
2) Extra £20 a week on universal credit continues
Another source of speculation for months has been the future for a £20-a-week top-up to universal credit. This has been described as a financial lifeline during the pandemic for many of those who have lost jobs or whose finances were already stretched. Those on working tax credits will receive a one-off £500 payment.
3) Extra £300 million for the Culture Recovery Fund
Music venues, independent cinemas, museums, galleries, theatres, and other culture-related venues will be back on their feet, helping freelancers get more work opportunities.
4) £3000 for hiring an apprentice
Even if you’re a freelancer, you will get an incentive for taking on an apprentice as part of the restart programme to help people get back to work.