If there is a key watchword for businesses to adhere to in 2016, it is compliance. This is a flexible word with multiple meanings, depending on the nature of your venture and the market that it operates in.
Regardless of this, however, it is crucial that your business complies with the UK’s existing trading standards, while also paying attention to the laws surrounding taxation, recruitment and the environment. If you do not pay attention to such details, your business could suffer from harsh and potentially debilitating financial sanctions.
3 Key Areas of Legislation for Business-owners
With this in mind, here are three crucial areas of legislation that your business must comply with in the modern age: –
- Environmental Compliance
While Britain continues to debate its EU membership status, one of the most overlooked issues in the positive impact that the Union has had on environmental laws in the UK. There are now a number of detailed environmental laws that business-owners must comply with in 2016, many of which seek to minimise carbon emissions and regulate the disposal of waste material.
While the current regulations may be challenged in the event of Brexit, it is crucial that your venture continues to comply with environmental legislation. This not only helps your company to avoid the huge penalties associated with non-compliance, but it also helps to build a positive reputation among open-minded consumers.
- Recruitment and Human Resources
On a similar note, EU membership has also exposed the UK to several progressive employment laws. These include a minimum wage for low-income workers, while we have also seen more stringent legislation developed to regulate holiday allowances, discrimination in the workplace and the basic human rights attributed to employers.
Although some of these regulations may change over time should the UK leave the EU, your business will still need to adhere to specific employment laws and a core code of conduct when dealing with workers. Without this, you could find yourself the subject of discrimination proceedings, where disgruntled employees seek compensation for non-compliant treatment.
Finally, we come to the complex world of taxation, where businesses are subjected to stringent regulations relating to their tax code and infrastructure. Companies must strive to understand their basic tax code and requirements, making accurate repayments and declaring all of the necessary expenses.
The issue becomes even more complicated in niche sectors, such as those involving doctors and general practitioners. In this instance, you may need to partner with specialist service providers such as Just Accountants, as this offers you access to genuine industry insight and ensures that you comply with the very latest legislation.