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Entrepreneurs who want to start and grow new commercial ventures will be helped by a law that was passed on 26th March.

The Small Business, Enterprise and Employment Act 2015 has been designed to provide support for those companies that want to grow and innovate, providing employment for people in the UK. The act was also formed to make the UK the world’s leader in providing an ideal environment for those who want to set up a new company.

Vince Cable, the business secretary, has backed the new law, stating that the measures will make it easier for smaller businesses to thrive in this country and receive financial support, as well as making it easier for companies to export goods. Cable also added that the legislation would make it harder for those companies that don’t comply with the law, saying:

“The Bill’s measures also mean there is nowhere to hide for firms who do not play by the rules, whether by abusing zero-hours contracts or not paying the minimum wage.”

How will the Bill help small companies?

There are 11 main areas in the Small Business Act that are designed to offer support to SMEs. These are:

• Regulatory reform
• Schooling and childcare
• Finance
• Company transparency
• Public sector procurement
• Filing requirements of a company
• Disqualification of directors
• Education evaluation
• Employment
• Insolvency
• The Pubs Code and the Pubs Code Adjudicator

According to data, there are over five million small businesses in the UK, and the act will simplify the process of starting and growing businesses. The business minister, Matthew Hancock, stated that action will be taken to tackle late payments. Hancock also confirmed that the Small Business Act is one reason why he entered into the world of politics, as he had been involved in business himself.

Other measures of the act

Employers will be prevented from abusing the zero-hours contract, as the act will stop the ‘exclusivity clause’ from being used by employers who want to prevent a person working for another company, even though they cannot offer any work themselves.

The maximum amount an employer can be fined for underpaying an employee will be increased. Currently, the amount is £20,000 as a maximum, but will be increased to an amount up to £20,000 per employee.

There are many other aspects to the Small Business Act and, if you need any further information, please contact us here at The Accountancy Partnership.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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