With furlough ending in October, the Governments introduced a raft of new financial support measures to help salons and self-employed b eauty therapists over the next few months. “M ake sure you understand what’s on offer, says NHBF director Tina Beaumont-Goddard. “The NHBF is continuing to put pressure on the Government to increase its support for beauty salons and self-employed therapists, so it’s a good idea to keep up to date with the new measures as they are announced. Bookmark our nhbf.co.uk/coronavirus information hub for all the latest news and information.”
Job Support Scheme
The Job Retention Scheme will offer a £1,000 one-off taxable payment to employers for each eligible employee who was furloughed and kept continuously employed until January 31, 2021. The aim is to keep people in work rather than paying for jobs that may no longer exist. “You’ll be able to claim the payment between February 15, 2021, and March 31, 2021,” says Beaumont-Goddard, “and you do not have to pay this money to your employee.” The NHBF believes the scheme doesn’t go far enough and will continue to campaign for greater Government support for the beauty industry. Find out more at nhbf.co.uk/scheme
More help for self-employed space and room renters
The grant scheme for the self-employed has been extended. “It will provide two taxable grants, each covering three months from November 2020 to April 2021,” says Beaumont-Goddard. “The first grant will cover 20% of average monthly trading profits capped at a total of £1,875, while the level of the second grant for February to April 2021 is yet to be decided.”
Loan scheme flexibility
Beauty businesses that took out a Bounce Back Loan will be given the option to repay it over a period of up to 10 years through a new Pay as You Grow flexible repayment system. Interest-only periods of up to six months and payment holidays will also be available to businesses.
“In addition, Coronavirus Business Interruption Loan Scheme lenders will be able to extend the length of loans from a maximum of six years to 10 if it will help to repay the loan,” says Beaumont-Goddard.
Deferring tax payments
Beauty salons that deferred their VAT bills will be given the option to pay back in smaller instalments, as Beaumont-Goddard explains. “Self Assessment taxpayers can also benefit from an additional 12-month extension from HMRC on the Time to Pay self-service facility. “This means payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.”
For less than 80p a day, the National Hair & Beauty Federation (NHBF) will work with you to support your beauty business while keeping you safe, legal and bang up to date with all the latest business laws. Find out more at nhbf.co.uk
Join the NHBF before the end of November 2020 and quote PBN25 to get £25 off your membership fee. Join at nhbf.co.uk/join or call on 01234 831965