Saturday, September 22, 2007
Enduring powers of attorney to be replaced
As accountants, we are not qualified in this area - but we thought we should draw it to your attention that the Enduring Power of Attorney is to be replaced with effect from 1 October 2007. The replacement is called a Lasting Power of Attorney (LPA).
There are differences between the two "products". The main feature of the LPA is that it comes in two parts - one to cover the financial affairs of the donor, and the other to cover health issues. So the donor can agree to an LPA covering health or finanance issues, or both. It follows that differing responsibilities could be undertaken by different people.
The LPA must be registered before it can be used, and a Certificate of Capacity is also required. This is an independant opinion that the donor was mentally capable at the time of signing the LPA and was not under any undue influence.
The LPA is more complex than its predecessor - if the time comes when either you or a loved one is unable to continue managing your (their) own affairs, then having an LPA in place is probably a good thing. It sounds like it's cheaper than the alternative which would applying to the Court of Protection to achieve the same result.
As I've said, Holmes Wild are accountants, not legal advisors; the above is a general narrative only and cannot constitute personal advice. If the issue concerns you, you should seek legal advice (from a solicitor) that is relevant to you. Whatever your present age, or state of health, your personal circumstances can change, so this is something to consider.
There are differences between the two "products". The main feature of the LPA is that it comes in two parts - one to cover the financial affairs of the donor, and the other to cover health issues. So the donor can agree to an LPA covering health or finanance issues, or both. It follows that differing responsibilities could be undertaken by different people.
The LPA must be registered before it can be used, and a Certificate of Capacity is also required. This is an independant opinion that the donor was mentally capable at the time of signing the LPA and was not under any undue influence.
The LPA is more complex than its predecessor - if the time comes when either you or a loved one is unable to continue managing your (their) own affairs, then having an LPA in place is probably a good thing. It sounds like it's cheaper than the alternative which would applying to the Court of Protection to achieve the same result.
As I've said, Holmes Wild are accountants, not legal advisors; the above is a general narrative only and cannot constitute personal advice. If the issue concerns you, you should seek legal advice (from a solicitor) that is relevant to you. Whatever your present age, or state of health, your personal circumstances can change, so this is something to consider.
Friday, September 21, 2007
A thought for September
"When you get into a tight place and everything goes against you, till it seems as though you could not hold on a minute longer, never give up then, for that is just the place and time that the tide will turn."
Harriet Beecher Stowe1811-1896, Novelist
Tuesday, September 18, 2007
Holiday increases from October
The start of October (again 2007) sees a change to the minimum amount of statutory holiday that employers are obliged to pay their staff.
From the start of next month, employers are obliged to pay their staff a minimum of 24 days paid annual holiday leave. This is inclusive of bank holidays. There is no qualifying period, and as previously, the increase will be calculated on a pro rata basis for part-time workers whether they usually wok on bank holidays or not.
The increase will be calculated from the start of October and should be calculated in proportion to the individual company's holiday year. The DTI will be setting up an oline calculator to help employers work things out.
There is a second planned increase in holiday pay entitlement ( a further four days ) but this will not be implemented for a little while - possibly 1st April 2009.
So, it's good news for employees, and more cost for employers. Hopefully the extra break will mean that staff return to work raring to go, and increased productivity will be the order of the day.
If you've got any questions about this - contact Holmes Wild. Tel: 01582 482700 - sorry, it's Uk contacts only.
From the start of next month, employers are obliged to pay their staff a minimum of 24 days paid annual holiday leave. This is inclusive of bank holidays. There is no qualifying period, and as previously, the increase will be calculated on a pro rata basis for part-time workers whether they usually wok on bank holidays or not.
The increase will be calculated from the start of October and should be calculated in proportion to the individual company's holiday year. The DTI will be setting up an oline calculator to help employers work things out.
There is a second planned increase in holiday pay entitlement ( a further four days ) but this will not be implemented for a little while - possibly 1st April 2009.
So, it's good news for employees, and more cost for employers. Hopefully the extra break will mean that staff return to work raring to go, and increased productivity will be the order of the day.
If you've got any questions about this - contact Holmes Wild. Tel: 01582 482700 - sorry, it's Uk contacts only.
Wednesday, September 05, 2007
Minimum wage increases
With effect from 1st October 2007, the National Minimum Wage (NMW) will change as follows:
Adults over 21 to £5.52/hr
18 - 21 to £4.60/hr
16 - 17 to £3.40/hr
Don't forget to implement these changes when you get to the start of October.
If you have any questions about the implications, you can contact us on 01582 482700
Sorry if you are reading this overseas - but this is only relevant to the UK.
Adults over 21 to £5.52/hr
18 - 21 to £4.60/hr
16 - 17 to £3.40/hr
Don't forget to implement these changes when you get to the start of October.
If you have any questions about the implications, you can contact us on 01582 482700
Sorry if you are reading this overseas - but this is only relevant to the UK.
Tuesday, September 04, 2007
The information commissioner
Does your business handle personal information? This may be a database of potential customers or a list of suppliers. If you do, it is important that you are registered with the the Information commissioners office. The annual fee is modest - but it is a legal requirement, and as with most things, there are fines in place for those who handle personal data without being registered under the Data Protection Acts.
Those who want to know more should check out the Commissioners Website. Visit www.ico.gov.uk for more details.
Don't forget to delete personal information as soon as you no longer have a need for it.
Those who want to know more should check out the Commissioners Website. Visit www.ico.gov.uk for more details.
Don't forget to delete personal information as soon as you no longer have a need for it.
