The government hopes that the introduction of the Small Business, Enterprise and Employment Bill will create a level playing field for businesses, making it fairer on those small firms who operate according to the rules who are currently being undercut by those who do not.
Here are some of the government’s new measures to be implemented, which are aimed at encouraging the UK’s businesses to grow and compete fairly in today’s challenging economic market place:
- Improved access to finance – More availability and increased sources of investment for small businesses in order to help them take that next step to grow.
- Small business credit data to be readily accessible – making it easier for small businesses to apply for finance, e.g.for a loan, other than from their bank.
- New ‘cheque imaging’ software will speed up cheque clearing from 6 days to 2 improving cash flow
- Trade credit availability to be increased through HMRC making non-financial VAT registration data available on a controlled basis to qualifying organisations
- New regulations which affect business are to be reviewed frequently to ensure they are fit for purpose.
These measures hope to strengthen the UKs reputation as a fair place to do business. It is hoped that by being more transparent about company data, with regards to who owns and controls UK companies, that those individuals who want their interests in UK companies hidden for illegal reasons or otherwise will be deterred from operating in the UK.
Business Secretary Vince Cable said:
‘The government is working hard to improve the environment for small businesses. Better access to finance for SMEs, measures to boost trust and transparency in British business and increasing fairness in the workplace are key issues that this bill aims to address.’
‘Our flagship measures will help hard-working people have confidence in their employers by tackling abuses in zero hours contracts, give publicans a fairer deal over big pub companies, tougher penalties for those who don’t pay the minimum wage and greater clarity around who owns and controls our companies.’
If you would like further information about how any government legilslation will affect your business then please contact Thorneycrofts solicitors.
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