Work Matters: Finance

A number of changes to generic business regulations effective from October could have an impact on your nursery business.

NEW MINIMUM WAGE RATES

From 1 October 2008 the minimum hourly rates for eligible workers has increased to:

- £5.73 an hour for adult workers aged 22-up

- £4.77 an hour for workers aged 18-21

- £3.53 an hour for workers under 18 who are no longer of compulsory school age.

For further information see www.berr.gov.uk or contact the NMW helpline on 0845 6000678

MANDATORY COMPANY TRADING DISCLOSURES

The Companies (Trading Disclosures) Regulation 2008 unifies previous legislation. In summary, all incorporated companies must:

- Display the company name on business letters, notices, official publications, websites

- Display their company's registered number and address of their registered office on electronic and paper documents (e-mails, invoices, receipts, order forms)

- Prominently display the company's registered name at its registered office and inspection place(s) and at any other location at which it carries out business

- Respond within five days to enquiries from any person the company deals with, who requests in writing the registered office address (or any place where company records can be inspected), and/or the type of records kept at those locations

- Include names of all directors within a letter where the name of the director appears in the letter other than in the text or as a signatory.

For more information visit www.businesslink.gov.uk or for FAs visit www.berr.gov.uk

Shareholder Information

Reduced disclosure requirements have come into force for returns made to Companies House on or after 1 October. Private companies must provide the names and details of shareholdings for all of their members, although addresses are no longer required - however, an annual return will be rejected if address information is provided when it is no longer needed.

For guidance on company law changes see www.companieshouse.gov.uk.