Clearview Midlands November 2013 - Issue 144 | Page 86

businessnews

NATIONAL MINIMUM WAGE RISES
On Tuesday 1st October 2013 the National
Minimum Wage (NMW) rose in accordance
with the recommendations set out by the
independent Low Pay Commission (LPC)
in April this year.
From 1st October 2013:

• The adult rate increased by 12p to £6.31 an
hour
• The rate for 18-20 year olds increased by 5p to
£5.03 an hour
• The rate for 16-17 year olds increased by 4p to
£3.72 an hour
• The apprentice rate increased by 3p to £2.68
an hour

• The accommodation offset increased to £4.91
• More than 890,000 of Britain’s lowest-paid
workers will gain from these changes.

‘We need to do more to
make sure that the benefits
of growth are shared
fairly across the board’
Business Secretary Vince Cable said: “The
National Minimum Wage is a vital safety net
in protecting the low paid. Each year, the LPC
carries out a huge amount of detailed and

valuable work to make sure they recommend a
rate that supports people on low pay without
damaging their chances of getting a job.
“But as signs of an economic recovery start to
emerge, we need to do more to make sure that
the benefits of growth are shared fairly across the
board.
In addition, from 1st October employers
who fail to pay the National Minimum Wage
(NMW) will be publicly named and shamed
under revamped plans to make it easier to clamp
down on rogue businesses.
The new rules are part of government efforts
to toughen up enforcement of the NMW and
increase compliance.

FORM FILLING FOR COMPANIES DITCHED
Proposals to reduce burdensome company
filing requirements for the UK’s 3.2 million
companies, and improve the accuracy of the
information supplied to government, have
been announced by Business Minister Jo
Swinson.
In a consultation document, government
aims to reduce the amount of information that
companies need to file and the frequency that it
is sent to Companies House. Under Company
Law, companies are required to send in certain
details ranging from basic information such as
the address of the company, through to more
detailed information on the ownership and
financial position.

A key proposal is the suggested removal of the
requirement to complete a mandatory annual
return, the basic details on a company, such as
the business address, type, names of directors and
information about shareholders and shares. Every
company submits these and under the plans they
could instead either digitally confirm each year
that the information held by Companies House
is simply correct or update it as and when it
changes.
This would cut the time and money that
businesses spent filing these forms, especially
benefiting small and medium sized businesses
(SMEs) whose details generally remain the same
but nevertheless have to file information each

year. This could also help reduce the amount of
fees companies pay to agents to help them file
this information.

‘Epecially benefiting
small and medium
sized businesses (SMEs)
whose details generally
remain the same’
The document also asks whether the return
could still be retained, but better aligned with the
filing requirements for the annual accounts.

£69 MILLION MORE FOR START-UP LOANS
Aspiring entrepreneurs from across
Britain will get financial backing from
the government under a £69 million
package of support that will help create
tens of thousands of new businesses, David
Cameron announced.
The Prime Minister is determined to help
people who want to strike out on their own,
helping small businesses to get on, while
creating jobs and a boost to the economy.
Over 30,000 new businesses have been
created with support from government
schemes in the last 2 years alone.
The new funding will build on this
momentum and includes:

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NOV 2013

• business mentoring and funding for people
who are unemployed but want to start up
a company. The New Enterprise Allowance
will be extended for new starters up until the
end of 2014, providing an additional 60,000
mentoring places for claimants.
• £34 million for Start-Up Loans that will
support around 7,600 businesses.
Prime Minister David Cameron said: “I
am determined to do all I can to support the
British economy and that includes helping
small businesses and budding entrepreneurs
to get on. My message is simple: if you have
drive, determination and are prepared to work
hard, we will back you.”

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