LEGAL
Confidence is high among family firms Preparing for
Law firm Shakespeare Martineau has released insights from its recent family business research. Surveying 100 East Midlands-
based family business owners, the research revealed more than three quarters (82%) were optimistic that the UK is strong enough to be independent in the future – significantly higher than any other type of business surveyed. Duncan James, Head of Family
Business, said: “With family businesses representing almost two-thirds of the private sector and just over 25% of the UK economy, they play a crucial role in the future prosperity of the nation and being able to navigate and use Brexit to their advantage will most certainly stand them in good stead. “Above all else, this shows the
steely determination and confidence of local family businesses to just get on with the job in hand. They understand the challenges that lie ahead and will approach Brexit in the same way as other obstacles they face – through grit, determination, honest communications and keeping their finger on the pulse of upcoming changes.
key changes to the law
Duncan James
‘This shows the steely determination and confidence of local family businesses to just get on with the job in hand’
“However, our research indicates
that family businesses are the least likely segment of the UK business community to have analysed their trading possibilities or audit their workforce requirements and it is essential that scenario planning must take place now in order to ensure readiness to react in future.”
2018 will see increasing emphasis on employee rights and changes to how the Government supports working families and childcare costs. Katie Ash (pictured), Director and Head of Employment Law at Banner Jones Solicitors, discusses the changes to employment law and what employers can do to help themselves and their employees.
VOLUNTARY OVERTIME In an important development in holiday pay case law, the Employment Appeal Tribunal (EAT) confirmed in Dudley Metropolitan Borough Council v Willetts and Others that voluntary overtime can qualify as “normal remuneration” for the purposes of calculating holiday pay. The EAT stated that a payment will be “normal” where it is paid over a sufficient period of time on a regular basis, with once in every four to five weeks considered to be included in “normal pay”.
Preparing for the Pre-action Protocol
Smith Partnership is advising local businesses to review their debt recovery procedures as soon as possible to prepare for the new legal Pre-action Protocol, which came into force in October. The debt recovery team at Smith
Partnership understands the frustrations of business owners who struggle to collect unpaid invoices from individuals, and how long-winded and expensive court proceedings can at first appear. However, the new Pre-action
Protocol, announced by the Ministry of Justice, aims to improve the legal process and encourage better communication and paperwork issued between all parties to resolve disputes before court proceedings are instigated.
TO WHAT TYPE OF BUSINESSES WILL THE PROTOCOL APPLY?
The new Pre-action Protocol will apply to any business - including sole traders and public bodies - claiming payment of a debt from an individual, including a sole trader. However, it excludes business-to-
business debts - except, it seems, in circumstances where both businesses are sole traders.
60 business network November 2017
WHAT CAN BUSINESS OWNERS DO NOW? Smith Partnership is encouraging all business owners to take legal advice as soon as possible on this issue, and to prepare their accounts teams for the significant change in credit control procedures to individuals. Claire Twells, Head of Debt
Recovery at Smith Partnership, said: “We welcome any improvements to the legal debt
recovery process and want local businesses to be aware of the changes now, so their accounts teams are ready. “I believe the new protocol is the
result of many discussions between those who represent creditors and debtors as well as the courts. In most cases if disputes were cleared up earlier, in a proportionate and professional manner, debts would be getting paid sooner. This in turn
would improve cash flow for businesses. “One of the fundamental changes
to the rules is the removal of the usual seven-day demand letter. A new Letter of Claim is being introduced, which will give the debtor 30 days to respond, and will have to include documents to prove the validity of the debt, and all the key documentation of the business transaction.”
‘One of the fundamental changes to the rules is the
removal of the usual seven-day demand letter’
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72
