New laws to hit small businesses from October

Date: 19th September 2008

The introduction of nearly 60 new pieces of legislation from October 1st will seriously affect small businesses, according to one expert.

Legal advisor Sweet and Maxwell believes that the 59 laws being brought in, which include new regulations for directors and the Consumer Credit Act, could adversely affect unprepared businesses.

Perhaps the most important change is the rising of the national minimum wage, with the adult rate increasing from £5.52 to £5.73 per hour.

Alina Lourie, director of enterprise-wide solutions at the company, said: "The government's legislative changes cause businesses a lot of pain.

"Sometimes it is just the burden of new paperwork and record keeping but often these legislative changes can create a fundamental challenge to the way a business has been running itself."

Changes such as new rules for directors will stipulate the more detailed disclosure of potential conflicts of interest while new regulations on information given to debtors will also be introduced.

Businesses have until January 31st next year to file their self assessment tax return to HM Revenue and Customs.