Here are some budget smilers for all our Horse Scout Freelancers. A Budget that “works for you”, Some measures announced by the chancellor will take effect relatively soon, so what do these announcements mean for your finances?
The key changes that are likely to affect Freelancers are:
1. Annual Tax Returns are to be abolished and be replaced with real-time online accounts – a simplified system (that will make life easier for freelancers)
2. National Insurance to be abolished for under 21’s and Apprentices as of April 5th
3. Fuel duty will be frozen – good news if you drive many miles to get to your clients
4.The Personal Tax Free Allowance to increase to £10,800 next year and £11,000 year after – this means you will not pay any tax until you reach this threshold – especially good news for low earners as it will result in more money in your pocket.
5.The National Minimum Wage will increase by 20p an hour to £6.70 from October. The statutory minimum for 18 to 20-year-olds will also go up by 3% from October, from £5.13 to £5.30, and by 2% for 16 and 17-year-olds, taking the rate to £3.87.
6.There will be a further increased focus on tax avoidance with new criminal offenses for those that avoid paying taxes.
7. And for those party grooms ….Beer duty will be cut, with 1p off a pint. Cider and spirits duty will be cut by 2%.