How does the disability discrimination legislation affect you?

The importance of equal rights for disabled people has been given increasing recognition and attention in recent years. The act offers the right to fair employment: This applies to firms which employ 15 people or more and covers recruitment, working terms and conditions, dismissal and redundancy. It also includes a right to have ‘reasonable’ adjustments made to premises or workstations by employers.

Most of the rights are contained in the Disability Discrimination Act, which was passed in 1995 and came into force in full in 2004, however the act is about to be extended to become law by 2006 to include those diagnosed with cancer, HIV and multiple sclerosis. At present, those suffering from one of these conditions is only protected if they can show that it "substantially and adversely" affects their ability to carry out normal day-to-day activities - a diagnosis alone isn't enough. The new act will give them automatic protection on diagnosis.

The kinds of disabilities covered under the act include:

• Physical disabilities that affect movement and the senses, such as sight and hearing
• Mental illnesses, depression and learning disabilities
• Severe disfigurement
• Progressive conditions such as HIV or multiple sclerosis

Conditions that are not covered in the act include:

• Alcohol, nicotine or drug dependence, unless the drug has been prescribed
• Hay fever

What should you do? If you're concerned about your employees health, issue a pre-employment health questionnaire. Do this before the interview as it will allow you to discuss what, if any, reasonable adjustments will be required.

More Information: Government Guidance | BBC iCan

How to keep your staff motivated

A motivated workforce is a great business asset that can help you get ahead of the competition. Effective motivation needs to take account of such varying drivers. People work best when they know what is expected of them. Many also enjoy trying to reach a goal or exceed a target. Such goals and targets should be agreed with the employee, not imposed from above. Follow these tips to keep staff morale high and get them motivated:

• Communicate requirements of the job clearly to staff so that they know exactly what is expected of them.
• Be consistent about staff responsibilities and procedures.
• Recognise signs of stress and burnout in staff, acknowledge them, and look for ways to alleviate the problems.
• Respect that staff have a life outside the office, and provide flexible "personal time" within office policies so that staff can attend medical and dental appointments, school activities with their children, or take a "mental health day" without having to resort to "sick" days.
• Provide fair compensation commensurate with skills and responsibilities, experience and long service.

How does this benefit you? Staff who enjoy a high level of morale will be loyal and hardworking and treating your staff with respect will respond in kind. You'll also stop negativity in the workplace, an unhappy member of staff can influence others to join in the negativity and divert attention from work and performance.

Is absenteeism disrupting your working day?

The UK is experiencing record levels of absenteeism at work. According to government figures more than 33 million working days were lost through sickness last year, at a cost to industry of almost £13 billion. The figure has risen consistently since 1995, when fewer than 19 million days were lost.

This is an all too familiar problem in many workplaces. If you start targeting people without the proper documentation of their absenteeism, the figures you've come up with in your head won't carry any weight before a tribunal. In fact, they would be laughed at. Keeping track of the date and the day of the sickness will help to highlight if any of your staff have "mondayitis" or "fridayitis". You should also ensure that each of your employees fill in a "return to work" form, which details the reason for absence, how many days off were taken, and who they reported the sickness too; make sure they sign the document. If it becomes a real problem with an individual you have hard facts to back up any disciplinarily action.

You might like to offer incentives to stop sick days occurring frequently by offering any employees that do not take a sick day within a six month period a gift voucher or a bonus in their pay (which will be taxable) could be offered. Extending this offer to a year without a sick day could lead to an increased bonus. You should stress though that if people do feel unwell they shouldn't be afraid to call to take a day or two off, after all, you don't want your healthy staff coming down with illness. People getting sick is a fact of life, and your dedicated staff who rarely take time off to recover should be put at ease when they do take time off so when they return, they return fit and healthy and ready to get back to work without worrying they're letting you down.

Sites of Interest: Department of Health

Protect your business from scams

There are various business-related scams that have been around for a long time. Many of them are not easy to recognise. An example of this is a 'Final Notice' that has been being sent out from a bogus Data Protection Agency Services stating that the recipient has not submitted Notification to the Information Commissioner in accordance with the Data Protection Act 1998 and that failure to do this will result in a criminal offence and a fine of £5,000. Recipients are urged to complete a form and pay the registration fee of £95.

The real Information Commissioner has clearly stated on their website that this letter is not authorised by them, and that they will never approach people in this way asking for money. You can read more about this particular scam at www.dpr.gov.uk/donotbemisled.html

Unfortunately a lot of people get caught out by this and other similar business-related scams all the time. Many are very professionally executed and are difficult to tell from the real thing. As a general rule, if anyone is asking you for money that you were not expecting to have to pay then check with the relevant company or organisation first.

Scams vary in format from invoices received through the post to emails to text messages. If you receive anything that you find suspicious, first make some checks to see if you can verify its authenticity and if you can't then contact your local Trading Standards office. For a list of offices and other advice, visit www.tradingstandards.gov.uk

Quick Links: Factoring | Asset Finance | Business Loans | Commercial Mortgages | Business Insurance

UK Budget Update 2, 2005-2006

Stamp Duty changes and other Budget highlights

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Stamp Duty Land Tax - great news for first-time buyers

Residential transactions:

The stamp duty land tax zero rate threshold for all residential home buyers, has been doubled from £60,000 to £120,000.

This will affect all residential property transactions from the 17 March 2005. The measure will exempt an extra 300,000 home buyers from stamp duty land tax each year.

To maintain interest in home ownership in the 2000 Enterprise areas the stamp duty land tax zero rate threshold will remain at the higher level of £150,000.

Commercial transactions - only in disadvantaged areas.

Buyers entering into a commercial land transaction in an enterprise area from the 17th of March 2005 will no longer be able to claim the disadvantaged areas relief.

The relief will be preserved for the completion or substantial performance of most contracts entered into on or before the 16th of March 2005.

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ISA's - Retention of present limits for 5 years

The present ISA limits will continue to 5 April 2010. They are:

£7,000 maximum investment, £3,000 of which can be in cash.

This is a change to the existing regulations which were due to increase the ISA limits from 6 April 2006. This change will now be delayed or reconsidered after 5 April 2010.

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Trusts - simplified rules

Trusts with vulnerable beneficiaries.

Backdated to 6 April 2004 the Revenue is to introduce new rules so that a trust will pay tax as if the vulnerable person were receiving the income or gains directly. In most cases this should result in a reduction in tax and an increase in the funds available for distribution to the beneficiaries.

Low income trusts

Introduction of a standard rate band of £500 which will ensure that 25,000 trustees that receive income under this amount will no longer have to submit a self-assessment tax return. This will apply from 6 April 2005.

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Extension of Low Budget Film Tax Relief

The present relief will be extended to 31 March 2006.

The Revenue is also introducing measures to counter various tax avoidance schemes in respect of Film Tax Relief.

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Landlord Energy Saving Allowance

This allowance will be extended from the 7 April 2005 to include expenditure on solid wall insulation.

The allowance is presently available to landlords who pay income tax and incur expenditure installing loft insulation or cavity wall insulation in dwelling houses which they let. The maximum claim per building is £1500.

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Renovation Of Business Premises In Disadvantaged Areas

Revenue are proposing a new Business Premises Renovation Allowance (BPRA) which will provide a 100% first-year allowance.

The allowance will be available to any individual or company who incurs expenditure in bringing qualifying business premises back into business use. The allowance will only be available for property that has been vacant for a year or more and in one of the designated disadvantaged areas of the UK.

The commencement date of the scheme will apply once state aid approval has been granted.

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Payments to employees in full-time attendance at universities and technical colleges.

There are two main changes:

1. Payments of up to £15,000 (previously £7,000) for an academic year can be made tax free.
   
   
2. New regulations are being introduced so that these payments can also be made free of class 1 national insurance. The new tax and national insurance treatment will start for payments made for the 2005-06 academic year, commencing the first of September 2005.
   
   

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Increased benefits for pensioners

1. Winter fuel allowance 2005 £200, for over 80s, £300.


2. Council tax refund £200.


3. Free local bus travel in all areas.

Quick links: Personal and Business Tax Accountancy

UK Budget Update 1, 2005-2006

Good news for first-time home buyers today as Gordon Brown unveils his March budget changes.

Details of stamp duty and other tax changes are summarised in the articles that follow.

Tax rates and allowances 2005-06

Income Tax - No change in rates of tax. Tax bands increased in line with inflation.

Income Tax Allowances - personal allowances

Single persons:

Under 65 - £4,895 (2004-05 £4,745) Age 65 to 74 - £7,090 (2004-05 £6.830) Age 75 and over - £7,220 (2004-05 £6,950)

Married Persons:

Aged less than 75 (born before 6 April 1935) £5,905 (£5,725 2004-05) Aged 75 and over £5,975 (£5,795 2004-05)

(Subject to restriction for earnings in excess of £19,500 (£18,900 2004-05)

Blind Person's Allowance £1,610 (2004-05 £1,560)

Capital Gains Tax - Annual tax exempt amount.

Individuals £8,500 (£8,200 2004-05) Most Trusts £4,250 (£4,100 2004-05)

Gains on sale of principal private residence will continue to be exempt from capital gains tax.

Corporation Tax - no changes to rates.

Inheritance Tax

The government is to increase the value of exempt estates to £300,000 over the next three years. The relevant changes are:

From 6 April 2005 the limit is increased to £275,000. From 6 April 2006 the limit is increased to £285,000, and From 6 April 2007 the limit is increased to £300,000.

The present limit for 2004-05 is £263,000.

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Company car fuel benefit charge - will be frozen at £14,400.

Company Car Tax - minimum charge will be applied on vehicle emissions equivalent to 140 grams per kilometre of CO2.

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Increases in "Sin Taxes"

From 6pm 16 March 2005:

• Cigarettes - 7p on packet of 20


• Cigars - 3p per packet of 5


• Hand Rolling Tobacco - 8p per 25g.

From midnight on 20 March 2005:

• Beer - 1p per pint


• Wine - 4p per 75cl bottle


• Spirits, sparkling wine, cider - no change

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Child and Working Tax Credits

Child element of CTC will increase by £65pa to £1,690pa. Other elements of the tax credits will rise in line with inflation.

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VAT Changes from 1 April 2005

Increased turnover limits for registration and deregistration:

• Registration - turnover threshold increased to £60,000. (£58,000 2004-05)


• Deregistration - turnover limit increased to £58,000. (£56,000 2004-05)

No change in 17.5% standard rate of VAT.

Quick links: Personal and Business Tax Accountancy

Online Shopping... Your Rights

Shopping online? What are your rights?

Under The Consumer Protection (Distance Selling) Regulations you have special rights as a consumer when you shop from home. But remember, you still have your normal statutory rights if something goes wrong. If you receive faulty goods:

• if there is something wrong with what you buy, tell the supplier as soon as possible
• keep a written note of a phone conversation
• keep a copy of any e-mail exchange.

When shopping from home you additionally have the right to:

• clear information before placing an order
• written information about a purchase
• a 'cooling off' period during which an order can be cancelled without any reason and a full refund made
• a full refund if goods or services are not provided by an agreed date or within 30 days of placing an order if no date was agreed
• protection against credit card fraud, If you do find yourself a victim of online fraud, contact your credit card issuer as you would normally, and they will tell you how to proceed. It's important though that you have not done anything that your credit card company may think makes you liable. When shopping online take reasonable precaution to keep your details safe.

Your home shopping rights only apply to goods or services you buy from traders who are organised to sell to you without face-to-face contact.

They do not apply to:

• financial services like insurance or banking. The Financial Services Authority (FSA) regulates financial services businesses – see their website at www.fsa.gov.uk
• auctions – auctioneers, unlike other sellers, can refuse to accept responsibility for the quality of the goods they auction. Read the conditions of sale with care. But, unless the seller is a private individual, the standard terms of the contract set out in the Unfair Terms in Consumer Contracts Regulations 1994 still apply
• contracts involving the sale of land.

Quick Clicks: Office of Fair Trading

UK Minimum Wage Rise

Will the minimum wage affect your business?
The minimum wage will rise in October, benefiting more than 1m people, the government has announced. Adults must be paid at least £5.05 an hour, up from £4.85, while 18 to 21 year olds will be paid £4.25. The recommendations came from the Low Pay Commission which said the number of jobs had continued to grow since the minimum wage was introduced in 1999.

Businesses wanted it frozen, warning more rises could damage competitiveness but the unions want a £6 rate.

What it means for you:

• The Inland Revenue Contributions Agency will enforce the new system. It can prosecute any companies who fail to meet their responsibilities.
• Employers will be fined £7.20 per worker for every day they fail to comply with the minimum wage. This can peak at £5,000.
• Workers can report breaches of the minimum wage anonymously.
• Workers have a case for unfair dismissal if they can prove they were sacked for protesting about not receiving the correct wage.

Quick Links: Personal and Business Tax Accountancy

Sites of Interest: Inland Revenue | The DTI

Business Overdrafts, Invoice Factoring, Invoice Discounting, Loans for Business, Leasing and Natwest Business Banking

Overdraft Alternatives

Using a business overdraft is a popular method for businesses to solve cash flow problems. A business overdraft can be very costly and there are other, more flexible alternatives.

• Consider factoring your invoices. Your unpaid invoices could be the biggest asset on your balance sheet. A factoring company can advance up to 90% of the value of your outstanding invoices, typically within 24 hours
• Get a short term loan. Business loans and personal loans for business purposes can be secured on a variety of different assets to help you meet your needs.
• Change your business bank account. Banks have now started to compete for your business so compare their interest rates and charges carefully, you might be able to reduce your monthly payments considerably. Natwest Business Banking comes highly recommended for their outstanding customer service.
  
• You could either reduce your monthly commercial mortgage payments or release some of the equity tied up in your commercial property
• Lease expensive equipment rather than buying. Whether you run a factory with specialist machinery or you need up to date computer hardware, leasing allows you to use the asset without owning it outright. You can also sell an asset you already own to a leasing company and then lease it back again

Quick Links: Factoring | Asset Finance | Loans | Commercial Mortgages

Phishing Factfile

'Phishing' is an attempt by fraudsters to 'fish' for your banking details. 'Phishing' attempts usually appear as an email purporting to be from your bank. Within the email you are usually encouraged to click a link to a fraudulent log on page designed to capture your details. Criminals across the Internet are creating forgeries of legitimate emails and Web sites and then attempting to steal your personal information with them.

If you receive a suspicious looking, unsolicited email claiming to be from your bank or credit card provider, do not reply to it and do not click on any of the links contained in the email. If you suspect a message may not be authentic, call the company or log onto the Web site by typing the Web address directly into your web browser’s address bar. Links in emails can be faked, so typing the address directly into your browser will ensure you get to the right site.

If you are unsure of a Web address, use a search engine such as Yahoo! or Google to verify it.

Always look for the secure site symbol, usually a lock, in the lower right hand corner of your browser when submitting your personal information. All Experian order forms will have the secure site symbol displayed.

Q. What should I do if I get a suspicious looking email?
A. If in doubt, delete it. This caution should apply to all unexpected emails with links or attachments.

Q. The email seems genuine and is asking me to confirm my bank account details.
A. Do not click any links in the email, call your bank to discuss the email, they will be able to confirm if any of your details need correcting.

Q. What should I do if I believe I've been a victim of a 'phishing' fraud?
A. You should call your bank immediately so that they can investigate and change your security numbers.

Identity fraud is on the rise, criminals steal victims' identities in order to take over their credit accounts or to open new accounts in their names. Shredding personal documents and keeping any pin numbers and security details safe is vital. Experian is offering a free 30 day trail of its Credit File service, allowing you to make sure your credit file is up to date and holds information about credit accounts that you have opened. Experian Credit Expert.

Store Cards vs. Credit Cards

Store cards, are they a rip off?
The store card market is valued at around £4.8 billion, with some 20 million cards in circulation. Yet whereas the APRs on most leading credit cards have tumbled over the past five years, the APRs of store cards have generally persisted in clinging to the higher ground; many are in excess of 26%, several over 30%. Use these tips before signing up for a store card:

• An initial discount may be a good deal - but it will depend on how quickly you pay off the balance.
• Be APR (annual percentage rate) wise - just how much will you pay on an un-cleared balance?
• Is there is an interest-free period? When does it end and what will the interest rate be afterwards?
• Check all details of the agreement - APR, interest free period, penalties for default and late payment - and don't be afraid to ask questions.
• Remember to consider carefully the costs and benefits of any Payment Protection Insurance (PPI) offered. It is optional and will cost you money.
• Compare with other ways to pay. Using a Credit Cards is possibly much cheaper, you'll still pay interest if you don't pay off the balance each month, but in some cases the interest is up to 50% cheaper than a store card!
• A store card can be a serious credit commitment for which you may need to budget.
• Beware of pushy sales staff and don't be lured into taking out a store card you don't want.
• There is no need to sign on the spot - if in doubt, take the agreement away, read it and seek advice on it before you sign.
• If you get into payment difficulties, don't panic! Talk to the lender as soon as possible.

Store	Provider	Rate
Selfridges	Creation	27.60% APR
Next	GE Capital	24.99% APR
Top Shop	GE Capital	29.90% APR

Compare Business Cards or Personal Credit Cards.

Let the publishing begin!

Welcome to the business articles section of the Adept Finance Ltd website. We shall be posting numerous articles here, on a regular basis. As well as business finance and commercial mortgages, we will be posting other finance-related topics that you may find of interest to help your business venture to succeed. Eg. vehicle finance, tax accountancy, insurance, etc...

If you have any comments about any of these posts, then please feel free to leave a comment beneath the relevant post. If you'd like to ask a question, then contact us - we may post the Q&A in this section.