Small Business, Enterprise, and Employment Act Receives Royal Assent.

Are you an entrepreneur looking to start your own business?

Perhaps you’re trying to build and grow your existing company, but finding your path blocked or hindered? Well, Steven Glicher accountants would like to be the first to bring you some good news. Yesterday the Small Business, Enterprise and Employment Act officially became law after receiving Royal Assent.

So what exactly is the Small Business, Enterprise and Employment Act?

Well, it’s legislation which is designed to help entrepreneurs establish and build new or existing businesses. It’s legislation which the Government claims contains “measures designed to make the UK the best place in the world to start and grow a business”. According to the Government, the Act will go some way to rectifying the problems faced by UK Start-Ups and will help existing businesses overcome some of the barriers that have hampered growth in recent years. Business Secretary, Vince Cable, said:

“Small businesses provide jobs for millions of people across the country and are driving the economic recovery. The Small Business Act will create the right environment for small businesses to continue to thrive by giving them greater access to finance to help them innovate and grow, and make it easier for them to export goods and services made in Britain.”

“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.”

What measures does the new Small Business Act introduce?

Well, the Act focuses on 11 key areas – all of which are designed to give SMEs in Britain a helping hand:

  • Access to finance.
  • Regulatory reform.
  • Public sector procurement.
  • Childcare and schooling.
  • Company transparency.
  • Company filing requirements.
  • Directors’ disqualification.
  • Insolvency.
  • Employment.
  • The Pubs Code Adjudicator and the Pubs Code.
  • Education evaluation.

Why is this Act important? Well, the UK currently is home to more than five million operational small firms, but there is still huge potential for these numbers to grow given the right circumstances. Government and accountants are hoping that the new legislation will offer additional business support and opportunities to innovate, grow and create new jobs.

Speaking about the new legislation, Business Minister, Matthew Hancock, said:

“The first-ever Small Business Bill takes radical action on prompt payment to end the late payment culture. It [also] contains measures across the board to make it easier to start and grow a business. As someone who understands how it works, having been part of a small business myself, to be able to make the changes available today is one of the reasons I went into politics.”

“The Government has backed small businesses like never before to build a Britain where entrepreneurs can break the mould and take on the world.”

“I know first-hand how cumbersome bureaucracy can stifle your ambitions to grow. The Small Business Act is the first set of laws specifically to help level the playing field for small business. There really has never been a better time to start and grow a business in the UK.”

For more information about the new legislation or to discuss any other issue relating to small business tax advice, contact Steven Glicher accountants on 0161 485 8007 or email info@stevenglicher.co.uk.

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