FINANCIAL & LEGAL If you run a registered company, fi nd
out about Corporation Tax, dividends to company owners, and if you’re taking on staff , fi nd out how PAYE reporting regulations apply to you.
Pensions Since October 2012, it has been law that all employers must off er a workplace pension scheme. Employees, employers and the government will all pay into the pension as part of a workplace scheme. An employer must now automatically
enrol staff into a pension scheme and make contributions to that pension if staff members are aged between 22 and State Pension age, earn at least £10,000 per year and work in the UK. Employers can’t refuse. However, they don’t have to contribute if staff earn these amounts or less – £490 per month; £113 per week or £452 every four weeks.
IP Law If you have a smart idea, brand or invention, you need to be watertight on Intellectual Property Law. It covers designs, patents, trademarks, logos and written ideas. One bit of bad news on this, is that the cost to register a patent has just trebled in the UK from £30 to £90.
Alton & Co Chartered Accountants When going it alone, you need an accountancy fi rm you can trust. Established in 1983, Alton have provided a range of services that have been formed as a result of commitment to creating and helping to maintain client success.
alton.co.uk
The most
successful start-ups identify a solution to a problem the market has, rather than inventing a product they think the market needs.
U
Employment regulations If you’re employing staff, knowledge of employment law is a must. Do you know, for instance, the current minimum wage and how it is aff ected by diff erent ages? It goes up to £7.83 from this April for those aged over 25. You also need to be aware of the diff erence between contract terms and implied terms. As you probably suspected all along, it can be quite complex but it’s worth familiarising yourself with the fundamentals in terms of pay, working hours, paid leave, disciplinary issues and health and safety obligations.
Insurance Again, there’s not a one-size-fi ts-all solution when it comes to business insurance, some are compulsory whilst others are merely advisable. Employer’s liability insurance is compulsory if you have employees and will cover you if
anyone injures themselves on your premises. If you don’t have such insurance, you are
GDPR is proving to
be one of the biggest overhauls of data protections in the EU in recent years – complicated further by Brexit
liable for prosecution, even if there’s no actual accident. If members of the public come onto your premises at any point, you should really have public liability insurance too. Likewise, if you sell, manufacture or supply products, you should have product liability insurance. Other types of insurance can be tailored to the company’s needs, such as cover in the event of losing a licence, which is crucial to the day- to-day running of the business. Another to consider is business interruption insurance,
in case of your business being put on hold for any length of time.
GDPR This is new legislation designed to ensure that businesses are handling consumer data safely and securely, and that permission has been granted for use of that data. A recent YouGov survey of 1,863 business owners revealed that only six per cent thought they understood the new pan-European regulations. In a nutshell, if you’re holding any sort of
information on your customers and intending to use it to communicate with them, then you need show that they have given you permission to use that data. There are substantial fi nes
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The best way to predict the future, is to create it.
Speak to a lawyer for free today.
0203 7292 388
info@shoredons.co.uk www.shoredons.co.uk
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