The National Hairdressers’ Federation have highlighted how key changes to the NMW, tax, pensions, payslips, apprenticeship fees, mat/pat pay and sick pay will affect hair, beauty and barbering businesses from April.
As of next month, the NMW will look like this:
National Living Wage
(over 25’s): £8.21 PH💷
Ages 21-24: £7.70 PH💷
Ages 18-20: £6.15 PH 💷
Ages 16-17: £4.35 PH 💷
Apprentices: £3.90 PH 💷
In addition salons and barbershops that are VAT registered will need to keep their business records digitally (it’s time to slay the Xero dragon folks!), total employer/employee pension contributions must come to 8%, employers will need to itemise payslips and leave time pay for mat/pat, sickness etc will all rise.
You can find out more about how your business could be affected on the NHF/NBF’s site.