| October 2008 Regulation Changes |
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Please read below to ensure that you are aware of changes in regulation which will affect your business - the effective date is 1st October 2008.
Common commencement dates To save you time and money, a number of key government departments issue all their changes to business regulations twice a year, on 6 April and 1 October. These are called common commencement dates (CCDs). CCDs enable you to prepare your business for the implementation of any changes needed to comply with new and revised regulations. What to expect from 1 October 2008 The following article offers a snapshot of all the main changes that are expected to come into force on 1 October 2008. It is not to be read as the complete and full list of all the new regulations that might affect business. Taxes, returns & payroll
Employing people Health, safety, premises Environment & efficiency Sales & marketing Your type of business Taxes, returns & payroll Limited liability partnerships (LLPs): LLPs will come under new legislation which will bring them in line with the raised thresholds and lighter regulation provisions that are already in force for companies - eg the content of LLP accounts, and the rights and duties of LLP auditors. Two other sets of rules will respectively apply the provisions of the Companies Act 2006 to the form and content of the accounts of: · large and medium-sized LLPs and LLP groups · small LLPs and LLP groups All three pieces of LLP legislation will apply to accounting periods starting on or after 1 October 2008. Private and non-traded public companies: in their annual returns made up to a date on or after 1 October 2008, private and non-traded public companies will only be required to provide the names of shareholders, not their addresses. Traded public companies are required to provide names and addresses for those shareholders holding at least five per cent of any share class. Companies - trading disclosures: new rules will unify previous regulations to specify the information that incorporated companies must include in business documentation, on their websites, on signs and at premises. Under a new requirement, you must respond within five days to written requests for information about inspecting company records. Private companies - reduction of share capital: as an alternative to obtaining court approval, private companies will have the option of reducing the amount of their share capital by special resolution supported by a solvency statement made by the directors. Public companies will continue to have to use the court-approved route to reduce their share capital. Private companies - financial assistance to purchase own shares: under the Companies Act 2006, private companies will have the right to provide financial assistance on or after 1 October 2008, to acquire their own shares. Where the private company has a subsidiary that is a public company, the public company may not assist the acquisition of shares in the private holding company. Companies - corporate directors: from 1 October 2008, with few exceptions, all companies will have to have at least one director who is at least 16 years old. If your company has an underage director at 1 October 2008, that directorship will automatically cease. You will have to amend company records accordingly, but will not have to notify the Registrar of Companies. If any of the changes leave your company without an eligible director, you will need to appoint at least one director to remedy the position. Share this Article:                        Advertisement |
