Mar 3, 2021
Budget 2021: 10 ways Rishi Sunak's speech affects you
While many self-employed people remain ineligible - the source of considerable debate - those who can show they were trading in 2019-20 from their tax returns will now be eligible for the first time. The government pledged in its manifesto not to raise income tax, national insurance or VAT. Although income tax is not rising, the tax bill that people may face in future years could go up. At present, people start paying 20% income tax when they earn £12,500 a year. With these thresholds maintained at the same level until April 2026, many people receiving a pay rise may find themselves in a new tax bracket and having to pay more. About 60% of the price you pay for fuel is tax - a mixture of fuel duty and VAT. There will be a new savings product designed to raise money for environmental projects.
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