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How The Budget 2021 Announcement Effects The Self Employed

self employed budget

Date

If you missed it, on March 3rd 2021, Chancellor Rishi Sunak unveiled the long-awaited Budget 2021. From training thousands of students to become fully qualified electricians, fully qualified plumbers, and more, we know that many take on this course in the pursuit of becoming self-employed. Well, we’ve gone over all the information and highlighted the key information you need to know if you are looking to become a self-employed tradesman (source BBC News):

Extended furlough

The furlough scheme has been extended until the end of October 2021!

If you are unfamiliar with the furlough scheme, the basic breakdown is that the Government pays 80% of an employee’s wages for hours they cannot work.

A new Grant

The self-employed are going to get more support with around 600,000 more newly self-employed benefiting from a grant payment. This grant will cover lost income for June, July and August and will be applicable to anyone who became self-employed during the tax year 2019-2020.

Taxation

The Chancellor has announced no change to rates of Income Tax, National Insurance or VAT.  

Most importantly, it appears that the personal Income Tax Allowance is to be frozen at £12,570 from 2022 to 2026.

Furthermore, a higher rate Income Tax is set to be frozen at £50,270 from 2022 to 2026.

Start your journey towards becoming a fully qualified tradesman today!

Whether you are a novice wanting to learn everything about one of our trade options, or an experienced tradesman looking to receive an essential NVQ or ACS qualification, sign up today and benefit from a better future.

During the COVID-19 pandemic, we have implemented a range of new processes in line with government guidelines which you can read more about here. You can also check out some of our previous blogs to learn more about the average salary for an electrician, plumber, and more.

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