The report highlights the impact of proposed tax increases on the beauty industry. Pragmatix Advisory considered the implications of four measures:
- Changes in the National Minimum Wage (including from £11.44 to £12.21 per hour in the headline adult 21 years and over rate)
- Changes in the thresholds for employer National Insurance contributions (from £9,100 to £5,000 per employee for employers with Secondary Class 1 National Insurance contributions liability)
- Changes in the rates of employer National Insurance contributions (from 13.8 per cent to fifteen per cent for employers with Secondary Class 1 National Insurance contributions liability)
- Changes in the level of and basis for Employment Allowance (from £5,000 available to employers with secondary Class 1 NICs liability below £100,000 to £10,500 available to all eligible businesses and charities)
