News
Latest legal developments
Employment Law
December 2008
*New Tribunal Award Limits*
Changes to take effect when the effective date of termination (EDT) falls on or after 1 February 2009 as follows:
· Maximum compensatory award for unfair dismissal increases from £63,000 to £66,200
· The limit for the amount of a week's pay used for calculating the basic award for unfair dismissal or when calculating statutory redundancy payments increases from £330 to £350
· Guarantee pay increases from £20.40 per day to £21.50 per day
April 2008
The Information and Consultation Regulations for employers of 50+ employees takes effect from April 2008. Failure to implement these regulations in your workplace may result in a fine of £75,000.
Social security benefits rates from 6th April 2008
In summary:
· the standard rate of Statutory Maternity Pay, Statutory Paternity Pay and Statutory Adoption Pay is £117.18
· Statutory Sick Pay is £75.40
To qualify for these benefits, the employee must have had average weekly earnings of at least £90 (from 6th April 2008) being the National Insurance Lower Earnings limit, for at least 8 weeks.
As from 6th April 2008, the upper limit for Class 4 NI contributions for those who are self-employed is £40,040
De Marco Hunter Solicitors are hosting a series of seminars covering various employment issues to include recruitment, disciplinary and grievance, dismissal including redundancy. For further information please contact seminar@demarcohunter.com
General
VAT reduced to 15%. This reduction is only a temporary measure until 1st January 2010. Has the government actually assessed the impact on the small business owner? Many companies have had to reprint stationery, price lists and sales information. Although the main aim is to increase consumer spending the administrative burden on small businesses may increase costs in the short term. If you are re-printing your business materials consider stating "VAT at the prevailing rate" rather than putting in a % to avoid further re-print costs when it increases again.
Bank of England cuts interests rates to 2%. It is hoped that the main lenders will pass this saving directly to their customers.
Property
Energy Performance Certificates ("EPCs")
All properties, including rented homes, commercial properties and residential properties for sale require an EPC from 1st October 2008. This includes all properties marketed before the introduction of HIPs! For further information click here
No Stamp Duty for properties up to £175,000. From 3rd November 2008 the Stamp Duty threshold has been increased for all properties where the transaction completes within 1 year of the increase.
All properties marketed after 14 December 2007 (whatever the size) require a Home Information Pack (HIP) visit our Conveyancing services for further information about our HIPs package. The Government have put back the "drop dead" date of 1st June, for all property currently on the market to produce a HIP, until the end of the year.