1 / 2
20 likes | 33 Views
Some good news comes with the knowledge that the Furlough scheme, which pays up to 80% of peopleu2019s wages, has been extended until September and that there will be two more grants available in April and May as part of the Self-Employed Income Support Scheme.
E N D
Budget 2021: How it Will Impact Hair and Beauty Industry England's personal care sector is expected to benefit from a host of grants and reliefs announced in chancellor Rishi Sunak’s Budget yesterday. Offering some comfort to struggling salon, spa and beauty owners, the new Restart Grants earmark £5bn of government funds for a one-off cash grant of up to £18,000. Some good news comes with the knowledge that the Furlough scheme, which pays up to 80% of people’s wages, has been extended until September and that there will be two more grants available in April and May as part of the Self-Employed Income Support Scheme. And there’s also help for the newly self-employed, which will come as welcome relief for the thousands of people who took the plunge into being their own boss before the pandemic hit. Because the 19/20 tax return deadline had passed this meant many newly self-employed people were unable to apply for the government’s Self-Employed Income Support Scheme but with the new budget, they too will be able to apply for the final two grants mentioned above. Business rate holidays have been extended until June, and from there on they will still be discounted by two thirds – up to a value of £2 million for closed businesses, with a lower cap for those who have been able to stay open during this time. Something else for businesses to think about is that the government is doubling incentive payments to £3,000 for those who hire new apprentices of all ages. Despite the government support, we know that it’s not going to be easy for everyone. Even Sunak admits that, “even with the new Restart Grants, some businesses will also need loans to see them through. As the Bounce Back Loans and Business Interruption Loans schemes come to an end, we’re introducing a new Recovery Loans Scheme to take their place,” says Sunak. One part of the budget that the beauty industry is not happy about is that the personal care sector has not been included in the new 5% reduced VAT rate. Industry leaders from Millie Kendall MBE, chief executive of the British Beauty Council to Samantha Grocutt, president of the Hair & Beauty Charity, have both expressed disappointment at the sector’s lobbying not being accepted. While there are clearly some misgivings about the government’s decision to not extend the 5% reduced VAT to the personal care industry, many are campaigning on a daily basis to change the system, and with the economy expected to return to pre-Covid-19 levels by the middle of 2022, it’s clear that things can only get better. Sunak commented on his first budget, last year and how important it had been for him at that time to do whatever it took to support the economy and the businesses and families
that needed help. As he delivered the 2021 budget he said: ‘it will take a long time to recover from this extraordinary situation, but we will recover.” For further information on https://www.gov.uk/government/news/budget-2021-what-you-need-to-know To find out if your business is eligible for a Restart Grant contact your local authority. You can find them https://www.gov.uk/find-local-council Need more advice? Check out: https://hairnbeautyworld.com/ and to find out what’s happening next and how to prepare for reopening, stay tuned! Contact Us: Hair and Beauty World Address - 39 Underwood Rd, Scotland City - Paisley Zip - PA3 1TQ Country - United Kingdom Website - https://hairnbeautyworld.com/ Ph No - +44 141 887 2167 Mail - paisley@hairandbeautyworld-uk.com the budget 2021 visit:
