Raft of new business regulations come into force
Approximately 50 new or amended laws have been implemented as part of the Government’s bi-annual revision of business legislation.
In an effort to simplify the way in which new business rules are introduced, the Government now issues all changes on either of the two Common Commencement Dates – 6 April and 1 October.
However, whilst applauding the bi-annual update, the Federation of Small Businesses (FSB) has raised concerns over the volume of red tape and its impact on small firms.
FSB National Chairman, John Wright, said: ‘Having a Common Commencement Date goes some way to helping businesses prepare for new regulation but the volume of legislation is just getting too much.
‘In these tough times it is important for small businesses to remain economically active rather than spending their time filling in forms to adapt to new rules.’
For a summary of some of the most significant legislative changes, please see below:
Employment law:
* The main adult rate of the National Minimum Wage rises from £5.52 to £5.73 per hour
* Female employees whose expected week of childbirth begins on or after 5 October 2008 will now benefit from the same contractual benefits during additional maternity leave as they enjoy during ordinary maternity leave.
Company law
* The minimum age for a company director is now set at 16 years of age
* Private companies are no longer required to go to court to gain approval for a reduction of their capital.
Consumers’ rights
* New doorstep selling regulations will extend protection for consumers who purchase products and services away from the trader’s business premises.
If you have any concerns about the new regulations, please contact us.
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Date: 01-10-2008