New Company Laws

All UK limited companies are now legally obliged to keep a ‘PSC Register’ (People with Significant Control Register).

 What is a PSC Register?The register allows the government (and anyone else - it is on the public register) to see who ultimately owns or controls a company. The aim of the register is to improve transparency and combat issues such as tax evasion and money laundering.

Please contact us if you require any assistance with this compliance.

Increases in National Minimum Wage 2017

The National Living Wage for those aged 25 and over is going up at the beginning of 1st April 2017 from £7.20 per hour to £7.50 per hour. There will also be increases at the same time to the National Minimum Wage payable to those under 25 and apprentices:

  • £7.50 per hour – 25 yrs old and over
  • £7.05 per hour – 21-24 yrs old
  • £5.60 per hour – 18-20 yrs old
  • £4.05 per hour – 16-17 yrs old
  • £3.50 for apprentices under 19 or 19 or over who are in the first year of apprenticeship.

 

Update on Company Law

It is now a legal requirement for all U.K. Limited companies to keep anregister of people with significant control (PSC). This replaces the previous annual return process. 

Failure to comply with the rules is a criminal offence punishable by a fine and/or upto two years imprisonment. 

New Landlord Obligations from February 2016

Anyone renting property whether furnished or unfurnished including anyone renting a room to a lodger will have a new obligation placed on them to ensure that their tenants or lodgers have a legal right to live in the UK.

As with all these things failure to do what you would quite naturally assume to be the job of the home office will result in a fine of up to £3,000.

Britain is extremely unlikely to face an economic recession over the next two years and is on safer ground than any other major country in the developed world, according to a new crisis-study by Goldman Sachs.

Will Buy-to-let taxes affect you?

As limited companies are not affected by the tax relief changes, it may be financially beneficial for some landlords to consider using this vehicle for their buy-to-let property investments. Of course, it will depend on individual circumstances and landlords considering this option should seek qualified tax advice beforehand.

Tax credits reversal

http://www.independent.co.uk/voices/the-privileged-osborne-must-never-be-allowed-to-wield-the-economic-axe-against-working-families-a6748391.html

excellent article in the independent which in our view supports our compaign against the tax credit cuts

Setting up in Business? - Things to consider

When setting up a business, especially with family or friends, it is easy to assume that nothing will go wrong in the future. You assume that as you trust one another you do not need to put in place things like shareholders’ or directors’ or partnership agreements.

Whilst they sometimes consult their own advisers, it’s up to you to make sure that your investment and shareholding documents comply with the law. If you don’t, and things go wrong, you expose your business and possibly yourself to liability.

Why this is a problem: Hopefully nothing will go wrong in the future but even family members and best friends fall out. If the worst should happen you could then end up with nothing and you might face the breakdown of a friendship alongside a costly and acrimonious legal dispute.

If an investor puts money into your business and loses money, they’ll often ask their lawyers to investigate whether appropriate disclosures were given. If they were not, investors may sue – and seek damages.

Growth is good. It’s a sign that your product or service works!

But to the Finance Controller, growth can bring a bitter aftertaste.

􀁕􀃊 A push into a new geographic region, for example,

means the business needs to deal with half a dozen

new currencies, languages and tax jurisdictions.

􀁕􀃊 An acquisition brings with it new legacy systems

that may or may not work with the existing ERP

/ accounting system.

􀁕􀃊 The need to meet new requirements spawns ad-hoc

solutions that immediately start to look permanent.

In other words, growth sows the seeds for chaos within

an otherwise well-run company’s financial management

systems and processes. The cost of compliance can build

up, often undetected, as a result.

Can back-end systems worsen the situation, or aid it?

Changes to flexible working laws that you need to know about

Before 30 June, 2014, only employees who care for certain children or adults living with them had the right to request flexible working.

Under new rules, which apply to England, Wales and Scotland, any employee with at least 26 weeks' service can now ask for flexible working.

Employees must make the request in writing, date it, and state whether they've asked for it before and, if so, when.

Changes have also been made to how these requests are dealt with. Previously, there was a statutory procedure in place to deal with requests. Now, you have a duty to deal with requests in a 'reasonable' manner. You also have 3 months to consider their request, talk to them about it and tell them of your decision (this period can be extended if agreed).

Retain Key personnel

How do you keep your best employees? - Here is something to think about:

1. Provide incentives: either by giving them more responsibility in the business so that they can learn and improve

2. Recognition: nomination by other employees for best candidate for an award

3. Promotion: recognise achievement and best practice