21 June 2022
Latest NHBF update – 21 June 2022
This week's update covers:
- Estimate how National Insurance contribution changes will affect you
- Bank of England raises Interest rate
- Consumer Credit Act to be reformed
- Rail strikes
- NHBF AGM 2022 update
- The National Apprenticeship Awards
- Are you ready for the Hair & Beauty industry Top 100 Influencers Index 2022?
- NHBF Campaigning for you
Estimate how National Insurance contribution changes will affect you
From 6 July, the National Insurance contributions threshold rises to £12,570.
To help employees understand the new increase, HM Treasury has launched a new online tool which will show how much tax people will pay after the threshold for National Insurance increases.
If you’re self-employed, the amount of profit you can earn before you pay National Insurance contributions is also increasing. However, you will not be able to use this tool to get an estimate. You can find out more information about this change and other important changes, which will tell you how you’ll pay National Insurance contributions.
Bank of England raises interest rate
Interest rates have increased from 1% to 1.25%, the fifth consecutive rise since December last year, putting them at the highest level in 13 years.
The latest raise from the Bank of England is an attempt to stem the rising pace in the cost of living.
Consumer Credit Act to be reformed
The Government has said it will reform the Consumer Credit Act, in order to cut costs for businesses, among other aims. A consultation is due later this year. The intention is to move much of the Act's provisions from the statute book to the Financial Conduct Authority's purview, to allow, the Government said, for more responsive and rapid actions to developments in consumer credit, and to cut compliance costs for businesses.
Businesses are being advised to prepare for the industrial action taking place across the railway network this week. Network Rail has more information about amended timetables, with services only due to run between 7.30am and 6.30pm on strike days.
Have the Rail strikes affected you and your business? Please contact us through our social media channels @nhbfsocial and tell us how.
NHBF AGM 2022 update
We had planned to return the NHBF Annual General Meeting (AGM) to its customary date in May this year, after the pandemic forced delays until later in the year in 2020 and 2021.
The 2022 AGM, together with the elections for the next President and new Board members, will be the first held under the new NHBF Rules which were adopted by Members at the 2021 AGM. However, the Rules cannot come into use until they have been formally approved by the Financial Conduct Authority, which regulates co-operatives and community benefit societies, such as the NHBF. We are still waiting for confirmation that the Rules have been approved, and so have had to delay the elections and AGM. If we run the elections before the Rules are approved, the results could be challenged and even declared invalid.
We will announce the dates for the AGM and elections as soon as we can.
The National Apprenticeship Awards
Calling all apprentices, employers, ambassadors and individuals who champion apprenticeships... the National Apprenticeship Awards 2022 are now open for applications!
Back for their 19th year, the National Apprenticeship Awards are a fantastic opportunity to showcase the apprentices, employers and champions who have gone above and beyond.
Entries to the awards are open from 6th June to 1st July 2022. It is free to enter the awards, and all entries must be made through this application website.
Are you ready for the Hair & Beauty industry Top 100 Influencers Index 2022?
The NHBF is excited to launch the 'Hair & Beauty industry - Top 100 Influencers Index’ for the 2022 campaign. This is your opportunity to recognise those in the industry who influence, educate and innovate the sector through their social media channels.
You can nominate your favourite influencers at www.nhbf.co.uk/top-100-influencers
NHBF Campaigning for you
The NHBF published its skills report in April and has since held meetings with a range of sector organisations to discuss the findingsof the report, its recommendations and next steps.
In response to the report, Treasury Minister Helen Whately at HM Treasury sent us this letter, in which she said, “the hair and beauty businesses continue to play an important role in our high streets and communities throughout the UK. This highly creative and entrepreneurial hair and beauty services industry delivers over £8 billion to the UK economy, provides social value, and its services and products improve health and wellbeing”.
The NHBF will continue to lobby the Government and other stakeholders on our industries' main issues. Visit our website to find out what else we have been doing to ensure our sector is being listened to.