Quickfire Update - A Year of Change: legal changes to watch out for in 2016

Have 2 minutes to kill while waiting for the train? Take a look at some of the key legal changes to watch out for in 2016. Remember to look further into the ones which may have an impact on your startup or SME and never underestimate the power of legal compliance to make or break your business!
 
Tax

• Personal allowance is set to be increased to £10,800 for 2016 – 2017.
• The Basic Rate limit will be increased to £31,900 and the Higher Rate threshold will be £42,700 in 2016 – 2017.
• Have you accounted for these changes in your accounting figures for 2016?
  
  

Data Protection

• The draft version of the General Data Protection Regulation (due to be implemented across all EU member states in 2018) is set to be published in Q1 of 2016.
• Have you got your data privacy policies in order and are you prepared for implementing upcoming changes?

 
Employment Law

• From 1st April 2016, all staff aged 25 and over will need to be paid a national minimum wage of £7.20. Alongside this, the penalty fee for failure to comply will be doubled. Have you taken these into consideration for your 2016 KPIs and headcount expenses?
• Have you made workplace pension arrangements for your employees already? The requirement to enroll all eligible staff onto suitable workplace pensions will be extending to companies with less than 30 employees.
• If you employ foreign workers, pay heed to changes set for 2016 as a result of changes to the Immigration Bill.
• Have employees with children? Shared Parental Leave (currently extended to cover fathers) may extend to grandparents too.
• Do you have exclusivity in Zero Hour contracts? These clauses will not only be banned from 2016 but will also be grounds for unfair dismissal claims from employees.
• For companies with 250 or more employees, 2016 will require you to start publishing information about the difference in pay between men and women (including bonus payment gaps).

 
Already aware of and prepared for the above changes? Brilliant. First time you’ve heard of some of the above changes? Time to move legal compliance up on your priority list – for further information or a complementary confidential chat, contact us now on info@dutian.co.uk.