The UK has left the EU and is now in a transition period before new rules come into place from 1 January 2021.
In order to give individuals and firms sufficient time to prepare for the changes which will take effect when the transition period ends on 31 December 2020, ACCA has published draft Global Practising Regulations (including Annex 1 and Appendix 1) which set out the proposed amendments to the United Kingdom Audit Regulations 2016. The revised regulations will be implemented on 1 January 2021. We will be monitoring developments closely and will update these guidelines when necessary.
The law in relation to age discrimination is covered by the Equality Act 2010. All employees and workers are covered, as well as those accessing vocational training, including job applicants and people who have left their job (and, for example, have not received a reference).
The Working Time Regulations were introduced in 1998 to give effect to the European Working Time Directive. They are a health and safety measure, primarily intended to ensure that working hours are limited, proper breaks are taken and that workers receive paid holidays. We do not know what impact Brexit will have on these regulations as the government will be free to repeal them if it chooses to do so. It is thought to be unlikely that there will be a wholesale repeal, but there may be some elements that are less popular with government and employers, and which may be subject to change.
The settlement offer was introduced by s111A of the Employment Rights Act 1996 to provide a new tool to assist employers to resolve issues at work. The offer and the subsequent discussions between the employer and the employee can result in them concluding a settlement agreement by which the employment is terminated in a mutually acceptable way.
Redundancy is a separate and specific reason for an employer to fairly terminate a contract of employment. It is a form of dismissal but the conduct or competence of the employee is irrelevant; the reason for the dismissal is economic and/or organisational reasons which have led to a reduction in the workforce. It is governed by the Employment Rights Act 1996.
A number of important rights have been introduced in an effort to address the work/life balance problems faced in modern working families. These rights are only accorded to employees. Most of them depend upon serving a particular period of continuous employment. Employers are free to provide enhancement to these rights if they wish but the outline below is the basic statutory entitlement.
Risk affects all organisations. It can have far-reaching consequences in terms of economic performance, environmental and safety outcomes, and professional reputation. Managing risk effectively and risk optimisation, therefore, will help enterprises of all sizes and in all business sectors to perform well in an increasingly uncertain environment.
This replaces factsheet 186 of the same name, which was updated in 2014. Over the past few years, some traditional forms of finance have become harder for companies, particularly SMEs, to access. This factsheet will consider the most prominent sources of alternative finance, their main features and the amounts that can be obtained.