Yes, that right £1000 free payment processing with Square. And there're no monthly subscription fees. You don't even need a card reader to start taking card payments from your customers with Square (I used Square without the card reader for years before I bought the card reader last year, and I think I've only ever used it once). The card reader is paired up with your phone via bluetooth and that's how you get the keypad for customers to key in their pin number.
To start taking card payments and receive up to £1000 worth of free processing you'll have to sign up using this link - https://squareup.com/i/IREVIEWBUY. Their processing fees are generous too at 2.5% if the card is not present and without the card reader and 1.75% if the card and the cardholder are present and they pay via contactless (they can also pay using Apple or Android pay) or enter their pin (you can even swipe the card, although I'm not sure what checks you need to do as a merchant to do this).
At the time of writing this (9th April 2020) the card reader is being sold for £19.99 +VAT including UK delivery. You can order it here - https://squareup.com/shop/hardware/gb/en/products/credit-card-apple-pay-reader-contactless.