The help for hair and beauty businesses announced in the March Budget was welcomed by the NHBF, but chief executive Richard Lambert has pledged to continue fighting for those who are still facing a struggle to survive.
Richard explains: “We’ve worked hard to inform and educate the UK Government about our sector and we were very pleased to see its improved understanding was reflected in the whole Spring Budget package.
“But there are those who have fallen through the net and we will still be fighting on their behalf and continuing to press for a short-term reduction in VAT to help the hardest-hit hair and beauty businesses to recover.”
The support package includes ‘Restart Grants’ of up to £18,000 for businesses in England, help with business rates, recovery loans and a UK-wide ‘Help to Grow’ scheme. Register now at gov.uk/helptogrow
It was announced in the budget that the furlough scheme will be extended until the end of September 2021.
“Employers will have to contribute 10% in July and 20% in August and September as the scheme is phased out,” says Richard.
The Self-Employment Income Support Scheme has also been extended. “The fourth grant will cover February to April, worth 80% of average trading profits up to £7,500 and a fifth grant will cover May to September 2021,” says Richard.
“And in another positive move, those who became self-employed in the 2019-2020 financial year can now claim if they filed a tax return by midnight on 2 March 2021.”
“In addition, the contactless payment limit will rise later this year from £45 to £100 to help support high street spending.”
Make sure you get all the financial help you are entitled to by going to nhbf.co.uk/financial-support
Incentive payments for businesses in England that take on apprentices will double to £3,000 and an additional £126 million will be provided for traineeships in England.
Find out more about apprenticeship options in the UK by going to nhbf.co.uk/apprentices
The continued fallout from the pandemic and the huge challenges facing salons can mean that other important issues are forgotten about, warns Richard.
“For example, when you reopen, you will need to make sure you know about the latest employment laws and also how Brexit may affect your business.
For the first time, the National Living Wage (NLW) must now be paid to those aged 23 and 24 (see nhbf.co.uk/new-nmw) and both National Minimum Wage (NMW) and NLW rates will be going up.”
Brexit will also affect employment law as a new points-based immigration system is now in place for workers coming from outside the UK, and existing employees from the EU may need to apply to the EU Settlement Scheme.
Find out more about employment law by going to nhbf.co.uk/newemployment-law and Brexit by going to nhbf.co.uk/Brexit.