Small Businesses: Legal and Financial Impacts?

What are the Implications for SMALL businesses relating to the following Issues:

Corporate Tax

Bank Overdraft

Rent in a Shopping Mall/Centre

Accountancy costs

Race Relations Act 1992

Sex Discrimination Act 1975/97

Equal Pay Act 1970

Disability Discrimination Act 1995/2005

National Minimum Wage

Data Protection Act 1998

Brief answers welcome. Thanks.

3 Answers

  • 9 years ago
    Favorite Answer

    All answers for small businessess (I have been running a few for 15 years)

    Corporate Tax - You can dodge it

    Bank Overdraft - Try not to have one, if you need it you use as little as possible as a business is only a business if it makes money

    Rent in a Shopping Mall/Centre - If you need a shop pay, but there might be a cheaper way

    Accountancy costs - Save me twice what you cost me, or Ill fill the forms in myself.


    Race Relations Act 1992 - If you want discriminate, you can use another "reason" - no real issue

    Sex Discrimination Act 1975/97 - Same

    Equal Pay Act 1970 - Only a problem if your a bad manager and someone takes the time to work out whats what

    Disability Discrimination Act 1995/2005 - toughy, as a small business you have to find the best people...but your small, under the radar

    National Minimum Wage - bigger risk when starting, but makes you do your homework on what you can afford

    Data Protection Act 1998 - hmm...cant think of an answer, but just dont lose data and no problem

  • mark m
    Lv 7
    9 years ago

    There are some 4.7 million businesses in the UK of which over 99 per cent employ less than 50 people. Small

    businesses in the UK employ 13.7 million and generate over 50 per cent of the UK’s annual GDP.


    These small

    businesses are responsible for 84 per cent of all new jobs created


    , for 69 per cent of all apprenticeships


    , and for 65 per

    cent of all commercial innovation.

    The financial crisis – The small business view

    As a result of the financial crisis small businesses have found themselves at the eye of the perfect storm. Caught

    between contracting markets, late payments, increasing overheads and a sharp decline in access to finance, many viable

    small businesses have failed. According to the accountancy firm BDO Stoy-Haywood, an estimated 120 small

    businesses were closing daily at the height of the financial crisis.

    The three most crucial impacts of the financial crisis have been: decrease in trade, an increase in late payment and an

    increased difficulty in accessing finance.

    Decrease in trade

    Perhaps the most obvious impact of the financial crisis was a decrease in trade. With less money in the economy and

    businesses and consumers tightening their belts, small businesses experienced a steep decline in trade up to the end of

    2008, fortunately this decline slowly eased as we approached the end of 2009.

  • 4 years ago

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