October 2007 regulation changes - what you need to know

Companies Act 2006, 1 October 2007 Provisions

Changes include: The introduction of a statutory statement of directors' duties outlining the responsibilities of directors; the requirement for medium-sized and large private companies and public companies to include a business review in their reports; companies will no longer be required to hold annual general meetings (AGMs).
More info - 1 October Companies Act provisions

Statutory Holiday Entitlement Increase, 1 October 2007

From 1 October 2007 statutory annual leave entitlement will increase from 4 to 4.8 weeks.
For an annual leave year beginning on 1 April 2008, leave entitlement increases by 0.8 weeks, which equates to an extra 4 days for employees working 5 days a week (part time calculated on a pro rata basis). If your annual leave year starts on any other date (including a date before 1 October 2007) you must calculate entitlement proportionately.
More info - 1 October increases to annual leave entitlement

New National Minimum Wage Rates, 1 October 2007

For pay reference periods beginning on or after 1 October 2007, employers must pay eligible workers the following:
- £5.52 an hour to adult workers aged 22 and above
- £4.60 an hour to workers aged 18-21 - the development rate
- £3.40 an hour to workers aged below 18 who are no longer of compulsory school age
More info -1 October national Minimum wage rates

Changes to VAT Invoicing, 1 October 2007

Changes include: Sequential numbering must be used on invoices; UK businesses supplying goods that are exempt, zero-rated or meet reverse charge criteria, to businesses in other Member States where VAT invoicing is mandatory, must indicate on invoices the reason for exemption or the requirement of the customer to pay the VAT; the option to choose how to indicate on your invoices any treatment under the Margin Scheme for second hand goods.
More info - Changes to VAT invoicing

New Trade Mark Legislation, 1 October 2007

New trade mark applications will no longer be automatically blocked if there is an earlier conflicting mark. It will instead be for the owner of the earlier mark to block it.
More info - New trade mark legislation

Source: Business Link www.businesslinksw.co.uk