22 November 2022
Latest NHBF update – 22 November 2022
This week's update covers the following:
- NHBF responds to the Autumn Statement 2022
- Minimum wage rates increase from 2023
- Business rates revaluation 2023
- National Apprenticeship Week 2023 launched
NHBF responds to the Autumn Statement 2022
The Chancellor of the Exchequer, Jeremy Hunt, revealed the contents of his Autumn Statement in the House of Commons last Thursday.
He unveiled tax rises and spending cuts worth billions of pounds with the aim of fixing the nation's finances.
Responding to the statement, the NHBF said it was pleased that the Government has answered the NHBF's call for further business rates support.
Read the full response here, including the key point from the statement.
Minimum wage rates increase from 2023
The Government has announced its acceptance of the Low Pay Commissions (LPC) recommended minimum wage rates. The National Living Wage (NLW) will rise to £10.42 from 1 April 2023, an increase of 92 pence or 9.7 per cent.
Alongside the announcement, the LPC has published its letter of recommendation to the Government and a summary of the evidence that informed them. The Government's full 2022 Report, which sets out the evidence in detail, will be published and laid in Parliament later this year.
You can read the press release here.
Business rates revaluation 2023
The Valuation Office Agency (VOA) has updated the rateable values of all business, and other non-domestic, properties in England and Wales.
These future rateable values will take effect from 1 April 2023.
What does this mean?
The information released gives the future rateable values for non-domestic properties in England and Wales.
You can check the factual information used for your valuation and tell the VOA if anything is wrong.
The rateable value for your property is not what you pay in business rates or rent. Your local council uses the rateable value to calculate your business rates bill.
For England only: Get an estimate of your business rates bill from 1 April 2023 through Find a Business Rates Valuation Service on GOV.UK.
For Wales only: You can now see the future rateable value for your property and get an estimate of your business rates bill from 1 April 2023 through Find a Business Rates Valuation Service on GOV.UK.
National Apprenticeship Week 2023 launched
National Apprenticeship Week (NAW) will take place between 6 and 12 February 2023 and is an opportunity for small businesses to celebrate their apprentices. The Department for Education has announced that next year's theme will be 'Skills for Life' and is calling on all small businesses and communities to participate. A toolkit is available to those who wish to support National Apprenticeship Week 2023.