Freelancers £52 better off, at most, under Budget 2018

The underwhelming nature for freelancers of Philip Hammond’s Budget 2018 has been underlined by a tax firm’s calculations.

Assessing the impact of the chancellor’s measures on single people working as sole traders, Blick Rothenberg totted up the biggest gain to be £52, albeit not until the 2019/20 tax year.

Not only will freelancers have to wait before they can pocket the monthly increase, but it only affects a narrow, well-heeled band of sole traders, the London accountancy firm found.

In particular, freelancers whose annual gross income is between £50,000 and £100,000 will be the only self-employed people to get the extra £52 a month, the firm showed in analysis for the i newspaper.

The next biggest uptick in earnings for self-employed people in the 2019/20 tax year is £30 a month, and it affects the very highest of earners -- those on between £125,000 and £175,000 a year.

The analysis also projects an additional £12 a month and £1 a month in the same period, for self-employed people with gross earned annual income of between £15,000 and £45,0000, and of £10,000, respectively.

 

1st November 2018

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