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News

This section refers to the latest news in small businesses operating environment and the relevant compliances. We list down some of the important changes in recent legislations.

1. Pensions: 

From 1 October 2012 (subject to the employer's own introduction date), all eligible workers will have to be auto-enrolled into a qualifying pension scheme.  Employers can choose the qualifying scheme they use, which could include NEST (the National Employment Savings Trust).  Each qualifying scheme must meet minimum standards in respect of the benefits it provides or the amount of contributions paid to it.  The scheme must also provide auto-enrolment for all eligible workers, and for all new workers when they become eligible. 

The Basics

The new employer duties are planned to come into force from 1 October 2012.  Under these duties, employers will have to:

• enrol eligible workers into a qualifying workplace pension arrangement;

• choose the qualifying scheme(s) they adopt to discharge the newly arising duty; and either

• make a minimum 3% contribution towards a defined contribution scheme (based on qualifying pensionable earnings) or NEST (the National Employment Savings
  Trust); or

• offer membership of a defined benefit scheme or certain hybrid scheme which either has a contracting out statement or meets the test scheme standard.

• An eligible worker is an employee aged between 22 and state pension age and earning above the income tax personal allowance (£7,475 in 2011/12).  Contributions will be payable on earnings between £5,035 and £33,540.

Employers will also have an on-going duty to maintain qualifying pension provision for workers who are already members of qualifying schemes or become members of such schemes. 

2. Bribery Act: 

The law is designed to bring the UK in line with international norms on anti-corruption legislation. It will make it a criminal offence to give or receive a bribe. It will also introduce a corporate offence of failing to prevent bribery.

Under the powers granted by the new law prosecutors, essentially the Serious Fraud Office, will be able to prosecute both domestic and foreign companies, providing they have some presence in the UK. Bribes committed in the UK and abroad could be prosecuted under the Act.

Some experts have argued the new law could put British companies at a disadvantage as it goes further than similar legislation in other jurisdictions. Under UK law bribes offered to public and private officials or executives will be illegal.

Making facilitation payments, whereby Government officials are paid to carry out services they should normally do, will also be illegal.

Individuals will face up to 10 years in prison and an unlimited fine if found guilty of committing bribery. 

3. Other news: 

Please follow the below link for more news; 

http://www.businesslink.gov.uk/