The Chartered Institute of Personnel Development defines a zero-hours contract as an arrangement where someone agrees to be available for work when required without a specific number of hours or times of work. Employers are not required to offer work to employees on these contracts and employees are not obliged to accept any work offered … Continued
Economic Update: August 2013
Is the UK finally on the road to economic recovery? We take a look at how our economy has fared over the last six months. Looking back Although economic recovery in the UK remains slower than anyone would like, the past six months have shown encouraging signs of an economy beginning to get back on … Continued
Customer data rights awareness
Under the Data Protection Act, any business, organisation or sole trader handling personal individual information has a legal obligation to protect this data. According to the Information Commissioner’s Office (ICO), consumers are showing an increasing awareness of how their data should be handled, with a knock on effect to their attitude towards businesses. It prompted … Continued
Business red tape – cuts and new regulations
Published twice a year, the Government’s Statement of New Regulations details all regulations – including EU measures – due to come into effect over the following six months. As part of the Government’s ongoing drive to reduce the red tape burden on businesses, July’s statement introduces 11 measures: five de-regulatory measures; three new measures which … Continued
RTI rules eased for SMEs
The shifting of the PAYE system to Real Time Information (RTI) is well underway, with nearly 1.4 million employers now reporting their employee PAYE information to HMRC before, or on, the date that payments are made. This translates to 83 per cent of small and medium sized enterprises (SMEs). However, SMEs have been granted some … Continued
Businesses optimistic about recruitment and growth
One in five small businesses feels optimistic about growth and expansion following the Government’s announcement to introduce a £2,000 allowance towards employer National Insurance contributions (NICs), research by Direct Line for Businesses has found. A third of businesses also plan to recruit additional staff to take advantage of the reduced cost of employment once the … Continued
HMRC extends monthly RTI respite to 2014
HMRC has extended the temporary relaxation of real time information (RTI) reporting rules for small businesses for a further six months to April 2014. The relaxation applies to businesses with less than 50 employees and was originally set to run until October 2013. In March, HMRC announced the easement after a widespread campaign … Continued
Is lack of technology holding your business back?
Research from the Federation of Small Businesses (FSB) has revealed that small businesses are spending an average of £3,500 a year on technology in a bid to grow and create jobs. Of the 2,200 people surveyed: 85 per cent identified investment in technology as a key driver of growth 62 per cent said it had … Continued
Repayment warning for interest-only borrowers
Interest-only mortgages were popular during the housing booms of the early nineties and ‘noughties’. Typically, borrowers make monthly repayments that cover only the interest on the amount borrowed. The capital (the full amount borrowed) is then paid back when the mortgage term matures – typically after 25 years – using funds such as savings or … Continued
Employee share buy-back rule relaxed
Evidence suggests that employee-owned businesses – those in which members of staff own a stake (often in the form of shares) in the business – are likely to show increased productivity and, as a result, increased profitability compared with those that do not. According to research conducted by the Cass Business School in 2010, employee-owned … Continued