8 November 2022
Latest NHBF update – 08 November 2022
This week's update covers the following:
- NHBF EGM set to take place
- Reversal of National Insurance Increase
- Bank of England increases interest rates
- Sign up for Making Tax Digital for VAT
- Wales: Special Procedures Practitioners training
- Energy Bill Relief Scheme (EBRS): scheme documents
- Scottish Government: Emergency Budget Review published
NHBF EGM set to take place
The NHBF will hold an Extraordinary General Meeting on Sunday, 13 November, to approve a series of urgent technical changes to the Rules.
The NHBF is a registered society governed by the Co-operative and Community Benefit Societies Act 2014 and regulated by the Financial Conduct Authority (FCA). The NHBF's Rules must comply with the requirements of the Act, and any change must be verified and approved by the FCA. Changes to the Rules cannot come into effect until the FCA has approved them.
Following a Governance Review in 2021, the NHBF's Rules were completely reviewed and revised to bring them up to date and ensure that they reflected best practices in order to remove the need to make piecemeal changes to the Rules each year.
The revised Rules were approved by the Membership at the AGM in November 2021 and submitted to the FCA. However, the FCA raised several technical issues that must be addressed before it approves them. The proposed amendments will resolve these issues. The FCA has already confirmed that it is satisfied with the proposed changes, and the revised version of the Rules will come into effect as soon as Members approve the amendments.
Please help us by registering your vote, either online or in person.
Reversal of National Insurance Increase
As of 6 November, the 1.25% point cut to National Insurance rates for employees and employers takes effect across the UK.
The Government announced the tax cut on 22 September as part of the reversal of the Health and Social Care Levy.
Working people across the UK will begin receiving the tax cut in their payslips this month, with all expected to have started receiving it by February.
The move to reverse the April National Insurance increase follows the rise in National Insurance thresholds in July. As a result of both measures, working people will be £500 better off, on average, next year.
Health and social care services funding will be maintained at the same level as if the levy were in place.
Bank of England increases interest rates
The Bank of England increased its Bank Rate by 0.75 percentage points to 3 per cent on 3 November, taking interest rates to their highest point since 2008.
The Bank raised interest rates for the eighth time in less than a year in order to bring rapidly rising inflation under control.
Sign up for Making Tax Digital for VAT
Since 1 November 2022, you can only submit quarterly or monthly VAT returns using Making Tax Digital-compatible software. If you're VAT registered, you must sign up and follow the rules for 'Making Tax Digital for VAT'. This means you'll keep digital records and submit your business's VAT return using compatible software. If you still need to sign up, find out when to sign up and start keeping digital records.
Wales: Special Procedures Practitioners training
The Public Health (Wales) Act, Part 4 of the Act, requires a mandatory licensing scheme for practitioners and businesses carrying out 'Special Procedures' in Wales. 'Special Procedures' include those practices currently requiring registration under the Local Government (Miscellaneous Provisions) Act 1982, namely tattooing (including semi-permanent make-up), body piercing, acupuncture and electrolysis.
To get a personal licence, practitioners will be required to attend and pass an approved infection control qualification. Shared Regulatory Services Wales is now running training courses for RSPH Level 2 Award in Infection Prevention and Control for Special Procedures Practitioners. A course specifically aimed at the beauty sector take place on Tuesday 22 November at the Civic Offices, Barry.
Click here for further details.
Energy Bill Relief Scheme (EBRS): scheme documents
The energy bill relief scheme came into effect in October. To help businesses understand the scheme in more detail, the Government has released rules, guidance and scheme documents for energy suppliers, scheme administrators, and non-domestic energy customers.
Click here to access the documents.
Scottish Government: Emergency Budget Review published
The Scottish Government announced measures last week that will help those most impacted by the cost of living crisis while tackling budget pressures caused by rising inflation and economic uncertainty.
The Emergency Budget Review (EBR) for 2022-23 identifies funding of around £35 million for a range of initiatives to support people with the increased cost of living, including doubling the Fuel Insecurity Fund, doubling the Scottish Child Bridging Payment to £260 and a new £1.4 million Island Cost Crisis Emergency Fund to help island households manage higher energy costs.
Other measures include:
- Establishing a Joint Taskforce with businesses, the Convention of Scottish Local Authorities (COSLA), local authorities and agencies to consider the differing impacts of regulation on business
- Extending energy advice to businesses by investing £300,000 to expand the services of Business Energy Scotland while doubling the value of the SME energy efficiency Loan and Cash Back Scheme for energy efficiency to £20,000
- New payment break options to help protect those who have agreed to repay debt through the Debt Arrangement Scheme but face unexpected increases in the cost of living