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April 7, 2011

More changes in Employer legislation!

Can you keep up with the continuing changes? The 6th April marks the start of even more changes for small businesses. Call us at Inspira if you need help implementing these in your business.

On the 6th April a series of new rules for small businesses came into play, which include changes to paternity leave and flexible working laws, as well as a drop in a series of taxes.

Some of the key changes you should be aware of are:

TAX
• Corporation Tax: The main rate of Corporation Tax will fall from 28 to 26%, and the Small Profits Rate from 21 to 20%, for the financial year beginning 1 April 2011.
• Payment of Corporation Tax: from 1 April 2011, Corporation Tax and any related payments must be paid electronically for any accounting period.
• Stamp Duty Land Tax: a new rate of 5% will be introduced for residential properties sold for more than £1 million.
HR
• Flexible working: The proposed extension of the right to request flexible working to the parents of 17 year olds has been withdrawn.
• Retirement: from 6 April 2011, you will no longer be able to issue notifications of retirement using the statutory retirement procedure.
• Additional paternity leave and pay: eligible partners of those either due to give birth or who will adopt a child on or after 3 April 2011 will gain the right to additional paternity leave and pay.

More information about these changes and how they affect you can be found on the Business Link website.

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