Member Article

Don't get caught out

With Colin Grimstonof Business Link

The Government’s latest common commencement date (CCD) was 1 October 2008 and business owners need to be aware of any new or updated regulations that may affect their company.

CCDs occur twice a year when a number of key Government departments issue changes to UK business regulations. Being aware of any upcoming changes can help save your business money. Your company could also be entitled to benefits or, if you fail to comply with new regulations, could end up paying a penalty fine.

For example, businesses holding employers’ liability compulsory insurance no longer need to retain their liability compulsory insurance certificates (ELCI) for forty years.

However, businesses are strongly advised to keep records of their ELCI policies as many illnesses may occur many years after employment. If you fail to keep historic insurance records, you could put your company at risk of meeting the cost of such claims.

A number of mandatory regulations have also been introduced to define how companies show their legal identity.

Businesses must display their company name on business letters, notices, official publications and websites. You also need to display your company’s registered number and the address of your registered office on all electronic and paper documents, including invoices, websites, receipts and emails.

Another change this year affects businesses who enter into ‘door step’ contracts with consumers away from their trading premises, for instance in an individual’s home.

Traders are required to provide consumers with a number of terms and conditions, including details of their cancellation rights when entering into a ‘door step’ contract. This will affect a wide range of businesses and you are advised to check whether your company is affected.

Business Link has prepared an on-line summary, which is regularly updated to keep business owners up to date with the latest CCD regulation changes and is available at www.businesslink.gov.uk/northeast.

To stay abreast of any new updates, you can also get Government regulatory news sent direct to your desktop throughout the year by signing up for Business Link’s regulation email alert service.

Business Link’s substantial team of expert brokers operate across the region in local access points and on a mobile basis. If you would like any further advice on how the CCD regulation changes will affect your business, you can get in touch with Business Link to find out more on 0845 600 9 006.

This was posted in Bdaily's Members' News section by BENE .