Businesses to move further into the red on October 1

BUSINESSES across the North West are being warned to prepare themselves for a raft of red tape being introduced on October 1.

Among the regulatory changes are new rules for trademark applications, doorstep selling, and limited liability partnerships. Several elements of the 2006 Companies Act are also being introduced.

Of particular importance are changes to the national minimum wage, which sees a wage hike from £5.52 to £5.73 an hour for those aged 22 and over.

Workers aged between 18 and 21-years-old will be entitled to at least £4.77 an hour while the rate for 16 and and 17-year-olds will rise from £3.40 to £3.53.

Jim Crook, managing director of North West business support agency Blue Orchid, said that common commencement dates could act as a “nasty banana skin for employers”.

“Our advice is businesses need to familiarise themselves to the changes as they only have less than a month to prepare, they cannot afford to be complacent,” he said.

“Planning for the changes now allows bosses to spread their time more evenly. Legislation may be arduous, but leaving preparation to the last minute only diverts valuable time away from selling your product or service.”