The Credit Crunch
The news lately has been full of doom and gloom as we enter a period of global economic difficulties, but it is not all bad news. Although we should now all prepare to weather the current difficulties for a few years, the banking system will eventually repair itself and confidence will return. We are optimistic that many businesses can survive and even prosper during this difficult time with the correct strategy and early action…..Read more….
National Minimum Wage - Effective 1 October
- The main rate rises to £5.93 an hour and the age entitlement for this rate is reduced to 21 Read more.......
Companies Act 2006
Some important provisions were commenced on 1 October 2008. These include:
the general duties of directors in respect of conflicts of interest;
the new procedure for private companies to make capital reductions supported by a solvency statement instead of by a court order;
a new requirement on companies to have at least one natural person as a director (some existing companies will have more time before the rules change);
a new minimum age of 16 for directors.
The restrictions under the Companies Act 1985 on financial assistance by private companies for the acquisition of their own shares were also repealed with effect from 1 October 2008.
The Companies Act 2006 runs to 1264 clauses and 1,000 pages including the explanatory
notes. As well as introducing new provisions, it consolidates provisions set out
within former Company Acts and will aid compliance with EU legislation.
Once fully implemented this Act will change the way companies are set up and run and the relationship that directors have with their businesses. Read more..... download your free guide
Late filing penalties will increase significantly form 1st February 2009
Fines for failing to file accounts on time at Companies House are being increased in order to encourage company directors to file annual accounts on time. The fine starts at £150 for being not more than 1 month late and rises to £1,500 for delays over 6 months. Read more….
Please allow enough time to ensure that your accounts reach Companies House within the period allowed. Bear in mind that the company will incur a penalty if the post delays its accounts.
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