28 November 2023
NHBF Business Update – Tuesday 28 November 2023
This week’s update covers the following:
- Autumn Statement 2023
- NHBF partners with the Government on Every Mind Matters campaign
- Working Health Services Scotland
- Simplifying Making Tax Digital
- Increase in wholesale energy cost
- NHBF Unveils Top 100 Influencer Index, Recognising Influencers Shaping the Hair & Beauty Industry
Autumn Statement 2023
Last week, Chancellor Jeremy Hunt presented the autumn statement alongside the latest forecasts from the independent Office for Budget Responsibility.
Here is NHBF's summary of the statement that is relevant to the Hair and Beauty sector.
- 75% retail discount business rates: A business rates support package worth £4.3 billion over the next 5 years. This includes a rollover of 75% Retail, Hospitality and Leisure relief for 230,000 properties and a freeze to the small business multiplier, which will protect around 90% of ratepayers for a fourth consecutive year.
- National Insurance tax cut from 12% to 10% for 27 million working people from January, putting £450 back into the pocket of the average worker earning £35,400 a year.
- Self-employed tax cuts: abolishing Class 2 for self-employed and cutting the rate of the 2NICs top rate (Class 4) from 9% to 8% – with an average total saving of around £350 for someone earning £28,000 a year.
- Wages: From 1 April 2024, the National Living Wage will increase by 9.8% to £11.44 an hour for eligible workers. For the first time, this will include 21- and 22-year-olds.
- The Government will also substantially increase the National Minimum Wage rates for young people and apprentices: for people aged 18-20 by 14.8% to £8.60 an hour, for 16-17-year-olds and apprentices by 21.2% to £6.40 an hour.
- Levelling up: Four new devolution deals across England have been agreed. Mayoral deals with Greater Lincolnshire and Hull and East Yorkshire, and non-mayoral deals with Lancashire and Cornwall, will boost investment across the country.
Commenting on the Autumn Statement today, Caroline Larissey, Chief Executive of NHBF (National Hair & Beauty Federation) said:
"We’re delighted that the Chancellor has responded to our calls for a continuation of the 75% Retail business rates discount…..this will give very welcome relief to businesses struggling to cover overheads. Sector recovery has been slow and steady since the Spring and many businesses are still battling to clear Covid debts.
"With £50m allocated to apprenticeships in key growth sectors, we look forward to hearing more about how the hair & beauty sector will be supported. Employer incentives to support education and training particularly apprenticeships are desperately needed to ensure the future talent pipeline to our vibrant, creative and innovative sector. Given rising wage costs in the spring, sector employers, mostly small and micro businesses, won’t be rushing to take on new staff without additional support".
NHBF partners with the Government on Every Mind Matters campaign
The National Hair and Beauty Federation is partnering with Better Health Every Mind Matters to help you feel good inside and out.
Life can get overwhelming sometimes, and daily stresses can boil up. When it all gets too much, your clients know they have a friendly face and a space to relax and offload. But you need to look after your mental health too.
Every Mind Matters has lots of NHS-approved practical tips, help and advice that can make a positive difference to how you feel every day. From tips on meditation and sleep improvement email programmes as well as CBT – giving you access to coping skills when problems arise. Real support that fits into your daily routine.
Start with a free Mind Plan today, and get your personalised mental health action plan. Search on your web browser ‘Every Mind Matters’ for more information.
Working Health Services Scotland
Working Health Services Scotland provides free and confidential advice and health support for staff working in companies with fewer than 250 employees, as well as self-employed people. Services include quick access to counselling, physiotherapy, and occupational therapy.
Simplifying Making Tax Digital
As announced in the Autumn Statement 2023, the Government will make design changes to the Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) system, simplifying and improving this for taxpayers and their representatives.
These changes will:
- simplify the requirements for all taxpayers providing quarterly updates, and for taxpayers with more complex affairs, such as landlords with jointly-owned property
- remove the requirement to provide an End of Period Statement
- exempt some taxpayers, including those without a National Insurance number, from MTD
- enable taxpayers using MTD to be represented by more than one tax agent
The Government will review the mandate for businesses earning less than £30,000.
This document sets out the outcome of HMRC’s review into how MTD for ITSA addresses the needs of small businesses and provides details of further work and next steps.
Increase in wholesale energy cost
Energy regulator Ofgem announced on Thursday 23 November 2023 the energy price cap for the first quarter of 2024.
The price cap will increase by 5% on the previous quarter from 1 January to 31 March 2024. For an average household paying by direct debit for dual fuel, this equates to £1,928, a rise of £94 over a year - around £7.83 a month. The price cap, updated every quarter, sets a maximum that can be charged to customers for energy bills.
The energy price cap does not affect businesses that have fixed contracts. However, businesses renewing their contracts during the winter months may face higher prices, which could become an issue. Let us know at enquiries@nhbf.co.uk if you’re having issues with your energy supplier and we can raise concerns with Ofgem the regulator. Additionally, the Energy Bill Discount Scheme, which provided support to businesses with high energy prices, is scheduled to end in April 2024.
Read our blog on energy efficiency advice.
NHBF Unveils Top 100 Influencer Index, Recognising Influencers Shaping the Hair & Beauty Industry
The National Hair and Beauty Federation (NHBF) proudly announces this year’s highly anticipated Top 100 Influencer Index, celebrating the dynamic individuals who have profoundly impacted and shaped the hair and beauty sector landscape.
In an era where innovation, creativity, and digital prowess redefine the standards of a hair and beauty professional, for the third year running, the NHBF has meticulously curated a prestigious list acknowledging the visionaries, trendsetters, and trailblazers who are propelling the sector forward.
View the Top 100 influencers in the hair and beauty list here.
Watch the Top 100 Influencers 2023 Event Highlight video here.