In last month’s issue we talked about ‘cash flow being king’ and the guide on our website proved a popular read for those of you looking for tips on keeping your business buoyant whilst the economy re-aligns itself. This month, even more advice on cash flow is set to come your way courtesy of our TV screens. A HMRC-sponsored TV series: The Business Inspector; commenced on channel Five on 10 March and aims to promote good record keeping amongst small businesses which, says the business customer unit director at HMRC, will lead to improved cash flow. The weekly programme airs at 8pm Wednesdays. The announcement, covered on our website this month, that the Government intends to levy fines of up to £500,000 for serious breaches of the Data Protection Act 1998, is certainly thought provoking and must come with a strong reminder to make sure you have registered with the Information Commissioner’s Office (ICO). Have you? If not, and you are handling personal data, you need to look into it. Visit http://www.ico.gov.uk/ to check whether you need to register and follow the instructions if you do. If you don’t, you could face serious connotations.
Don’t forget, personal data extends to staff details, not just customer information, so if you are an employer you will need to take the necessary steps to register. And on the subject of employment, as always keep an eye on our Employment Law Library and latest employment news on our website to keep up with the recent changes in legislation that could affect you and your business. This month we have also seen the Government's last budget before the general election. For a break down of the main points that affect businesses and individuals, see the Budget Action Points for Businesses and Budget Action Points for Private Clients on our website. Neves NewsHuge congratulations this month go to Private Client Solicitor Gail Donaldson who this month passed her Solicitors for the Elderly exam with a pass mark of 100%. Gail adds this accolade to her wealth of experience being dual qualified in both English Law and Scots Law and also a member of both The Chartered Institute of Taxation, and The Society of Trust and Estate Practitioners (STEP). This month Private Client solicitor Vivienne Hamilton has been learning how to sing in Latin! For more information see our website. Fit for Work? New System for Employers The Government’s new ‘fit note’ regime will replace the current hand written sick note system from 6 April 2010. If an employee is off work for more than seven days, their doctor will give them a computer generated medical statement which will include, where appropriate, information on how their condition might affect their ability to work and whether there are any workplace adaptations or adjustments that could them get back to work. If the doctor considers that initiatives, such as a phased return to work; altered hours; amended duties or workplace adaptations, may assist the patient back to work; they can mark these on the form. However, as an employer, you will not be bound to implement these suggestions, although if the doctor’s advice is not followed, the employee should be treated as though they are not fit for work. Detailed information is available on our website this month, together with a useful link to the Department for Work and Pensions website. Of course, should you have any queries whatsoever concerning sickness absence and you wish to ensure you are taking the right steps and complying with current legislation, contact us.
Selling Your Business? Think about Tax. Thinking about selling your business? Whilst you will probably have a preference to sell shares rather than assets, you may find the opposite is true with potential buyers who are usually more interested in assets. Selling shares has the benefit of entrepreneur’s relief for Capital Gains Tax (CGT) purposes whilst selling assets throws up problems with extracting the cash from a company tax efficiently. There are a number of possibilities, such as putting the company into liquidation once the assets have been reduced to cash, or dissolving the company informally. There is much more detail on our website this month although clearly this is a complex area which calls for specialist, expert advice. Contact us if you are considering selling your business so that we can discuss which method is right for you.
Additional Rights for New FathersThe government has now detailed the timetable for the introduction of the Additional Paternity Leave Regulations 2010, which will enable parents to share the maternity benefits currently available to new mothers only. The new regulations will give the new father the right to take additional paternity leave if the mother decides to return to work leaving unclaimed maternity leave. See the story below for more information. | 
