Clearview South 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: 86 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.” To read more, visit