The long-awaited economic measures for the self-employed revealed by U.K. Chancellor of the Exchequer Rishi Sunak on Thursday have elicited mixed response from the film and TV industry’s predominantly freelance workforce.
Self-employed individuals can claim 80% of their average income over the last three years up to £2,500 a month, which is taxable. To be eligible, individuals must earn more than 50% of their income from being self-employed, have trading profits of less than £50,000, and have a self-assessment tax return for 2019.
“The Chancellor has come through, but not without strings,” Shilpen Savani, employment law specialist at law firm Gunnercooke, tells Variety. “You must be able to prove your income, and make sure your tax returns are up to date. It seems this largesse in a time of need will also result in higher national insurance contributions in the future.”
However, the scheme will begin only in June, with those in immediate...
Self-employed individuals can claim 80% of their average income over the last three years up to £2,500 a month, which is taxable. To be eligible, individuals must earn more than 50% of their income from being self-employed, have trading profits of less than £50,000, and have a self-assessment tax return for 2019.
“The Chancellor has come through, but not without strings,” Shilpen Savani, employment law specialist at law firm Gunnercooke, tells Variety. “You must be able to prove your income, and make sure your tax returns are up to date. It seems this largesse in a time of need will also result in higher national insurance contributions in the future.”
However, the scheme will begin only in June, with those in immediate...
- 3/27/2020
- by Naman Ramachandran
- Variety Film + TV
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