A year after announcing a bill to make the UK the most appealing nation to start, finance and grow your business, the Act has now received Royal Assent.
The Act will generate new opportunities for your business to compete, gain access to finance, grow, innovate and export. Measures will be introduced to increase transparency so that the UK is recognised as a fair and trusted place to carry out your business, the aim is to prevent illegal activity such as money laundering. Implementation is expected to be a three-stage approach between now and April 2016.
The aim of these changes, which affect companies, is to improve the quality of information available to the public whilst reducing the bureaucratic burden. All companies will be affected in some way once the Act is implemented to simplify the current filing requirements.
With regards to employment, the Act will introduce increased penalties on employers that underpay their workers in breach of the National Minimum Wage legislation by changing the basis of calculation. The Act will also make exclusivity clauses in zero hours contracts unenforceable and invalid to ensure that nobody is tied into a zero hour contract without any guarantee of paid work.
For more information on the changes to The Small Business, Enterprise and Employment Act, or to find out if this will affect you contact our experts on 01228 711888 or email email@example.com.
Posted: June 16th, 2015