NHBF Business Update Tuesday 04 June 2024

Filing self-assessment tax returns early 

Business owners can file an early self-assessment tax return for the 2023-24 tax year before the January 2025 deadline, according to HMRC. By filing early, business owners have more time to seek advice from HMRC and have greater flexibility in their choice of payment plans, making it easier to budget for the upcoming fiscal year. Self-assessment returns are mandatory if you’re self-employed, have a total taxable income of more than £100,000, or need to pay the High Income Child Benefit Charge, and can be completed online.

Low Emission Zones rolled out in Scotland

The enforcement of Low Emission Zones (LEZs) starts this week in three Scottish cities these include, Edinburgh, Aberdeen and Dundee. These cities follow a year after Scotland’s first LEZ was launched in Glasgow, creating significant issues for some small businesses with some small businesses citing it will impact on their client footfall.

Health and safety inspector calls

The Health and Safety Executive (HSE) has released guidance on how small businesses can prepare for a health and safety inspection. This includes information on what to expect when an HSE inspector visits your business, how to inform employees about health and safety resources, and the purpose of inspections. You can find more information about inspections on the HSE website and the HSE YouTube channel.

New King Charles III banknotes issued this week 

The new King Charles III banknote designs will be introduced into circulation on Wednesday 5 June. The new notes will have the same visual security features. Therefore, it is important for retailers and businesses to check all denominations in the same way as they would for existing Queen Elizabeth II notes. The Bank of England has provided updated advice for retailers and businesses, along with free training materials, demonstrating best practices for verifying the authenticity of its banknotes.

Low pay commission UK visits 2024

The Low Pay Commission (LPC) is an independent statutory Non-Departmental Public Body set up under the National Minimum Wage Act 1998 to advise the Government on the National Minimum Wage (NMW).

They are on the lookout for companies that might be interested in speaking to the commissioners about the impact of minimum wages on their business.  From 1 April 2024, the minimum has increased to £11.44 for those over 21-year-olds which is nearly a 10% increase from last year.  There are also adjustments for other age groups as shown in the link here.

How will the latest announcement affect your business planning?  How would you respond to the rising NMW?  LPC is also interested in talking to companies that are trying to raise their productivity, to showcase their learning journeys in their communication platforms.  The oral evidence given by the companies will be collated along with the research statistics for LPC to make their yearly recommendations to the government about the minimum wage.

If you would like to speak to the LPC Commissioners and bring up issues pertinent to your sector, please refer to the table of visits below and contact Rosina Robson from the NHBF.

Visits Schedule

12 to 13 June 2024 (Scotland)

North Ayrshire

Glasgow

3 to 4 July 2024 (Northern Ireland)

Bangor

31 July 2024 (Midlands)

Wolverhampton

Sustainability Survey 

To gain a better insight of sustainability in the Hair & Beauty industry, the Professional Beauty Group and the British Beauty Council’s Sustainable Beauty Coalition have joined forces to gather your input. The survey should only take about 10 minutes, and your views are valuable for understanding sustainability in the beauty sector.

Article via NHBF. Read full article at NHBF business update Tuesday 04 June 2024