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Bank Deposit Protection Rules for Businesses
With new stories of bank instability featuring regularly in the newspapers, the Government’s decision to raise the amount of deposit that it will guarantee in the event of bank failure to £50,000 was welcomed by all. However, it has not been made... -
Business Property Relief - Traps for the Unwary
Most business people know that for family businesses there are generous Inheritance Tax (IHT) reliefs, which generally operate to make assets used in the business exempt or partially exempt from IHT. The reliefs take various forms, but are collectively known... -
Collecting Your Debts - a Brief Guide
If a business cannot recover a debt from a customer after the normal credit control procedures are exhausted then it will need to consider taking further action to recover the sum due. Mediation with the debtor, involving negotiation through a third party,... -
Company Name Rules
On 1 October 2008, new rules relating to the registration of company names came into force. These allow companies to object more easily to the registration of a company name which could be confused with theirs. The new rules can be found on the website of... -
Company Disclosure Rules
The Companies (Trading Disclosures) Regulations 2008 came into force on 1 October 2008, making many changes to the requirements as to where and when company trading names, names of directors etc. need to be shown. The Statutory Instrument implementing the... -
Company Formation Checklist
You may have come across advertisements which make forming a company sound very easy, but before you go ahead there are some serious issues to think through. If you have decided that a company is the best vehicle for your new venture then here is a... -
Company Late Filing Fees
Companies filing their accounts after the due date are subject to late filing penalties which were last changed in February 2009. Private companies are required to file their accounts within 10 months of the end of the accounting period. Those that file... -
Considering Outsourcing
These days more and more processes are being outsourced (run by external contractors under a service agreement) by more and more businesses. It is particularly common to outsource IT functions and telephone call management. Outsourcing can offer many... -
Contractors Are Your Responsibility
A handbook produced by the Health and Safety Executive (HSE) outlines the responsibilities of both the contractor and the client in situations in which work is carried out by contractors rather then employees. It does not apply to circumstances in... -
Directors Who Compete Face Court Wrath
The courts have again shown that they will crack down on directors who put their own interests before their fiduciary duties as directors of the company, to the extent of causing it detriment. In the case of British Midland Tool Ltd. v Midland... -
Employee Fraud
Employee fraud was a boom area before the recession started. It be can reasonably expected to get wirse beofre it gets better. ‘Targeted’ frauds, often backed by organised criminals, are also becoming more common. In these cases, an employee... -
Employee Fraud - Fraud Act 2006
Employee fraud continues to rise as the recession continues to bite - however, the Fraud Act 2006 provisions make it easier to obtain convictions for fraud a than was possible under the predecessor legislation. Under the Act, fraud offences... -
Financial Fraud - What Not to Do!
With recent surveys showing that instances of employee fraud are still on the increase, and HMRC showing regrettable lack of ability to safeguard personal data, eliminating poor security practices which make fraud easier is becoming even more important.... -
Guide to Good Boardroom Practice
The Institute of Chartered Secretaries and Administrators have published an excellent and highly practical short guide (3 pages) to boardroom good practice, which will be of great interest to company secretaries and directors, especially non-executive... -
How To Do Strategic Review
Most businesses have some sort of business plan, even if it is only or a few lines on one sheet of paper. Larger businesses may have a formal business plan, which charts out the expected development of the business over the next few years in a systematic... -
It Wasn't in the Contract
A common problem in contract disputes is that matters that create disagreement are sometimes not referred to specifically in the contract. However, as well as the express terms of a contract, there are also terms that are implied that is, they apply without... -
Letters of Intent - Getting Them Right
What Is a Letter of Intent? Letters of intent, commonly referred to as "heads of agreement", are used to indicate the terms under which two or more people intend to enter into a contractual relationship when doing business together. The term... -
Loan Guarantee Scheme - Changes
1 December 2005 saw a relaxation of the rules for qualification for the Government’s Small Firm Loan Guarantee scheme (SFLG), aimed at giving further assistance to small- and medium-sized firms in overcoming obstacles to obtaining finance. This... -
Money Laundering Regulations
Money laundering is the process by which criminals turn their 'dirty' income – which is usually earned in cash – into 'clean' money, by undertaking transactions which hide the original source of the cash and/or turn the cash into 'legitimate... -
New Contract, New Danger
Every business needs customers, but every customer, especially a new one, represents a risk to your business. It is a very serious issue but there are many things you can do to make sure that you increase your chances of getting paid. Clearly, the... -
New Environmental Damage Regulations in Force
The new Environmental Damage Regulations are in effect from 1 March 2009. Based on the ‘polluter pays’ principle, the regulations set out action to be taken where there is an imminent risk of environmental damage or environmental damage... -
Outsourcing the Processing of Personal Information - Guidance
The Information Commissioner’s Office has issued a good practice note giving guidance on how to comply with the Data Protection Act 1998 (DPA) when you outsource the processing of personal information, such as your payroll function or customer mailing... -
Pension Scheme Deficits Action Plan
In accordance with the Pensions Act 200 4 all defined benefit schemes must have regular actuarial valuations to ensure that the scheme meets the ‘Statutory Funding Objective’ (SFO). The Pensions Act 2008 sets out an employer's... -
Remedies for Breach of Contract
Having the right contract is always a good idea, but no matter how much protection it offers, no contract can prevent a breach of contract by the other party. If you enter into a contract and it is breached, there are several possible remedies available to... -
Retirement Planning and Your Business
It is arguable that the whole point of any business should be to enable the owners to retire when they want and with the lifestyle they want on retirement. Of course, enjoying it as you go along is a good idea too, but retirement comes to most of us...
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