top stories

Businesses should prepare for the new rules that come into play in Northern Ireland and across the UK at the start of October says ACCA (Association of Chartered Certified Accountants).

Keith McManus, President ACCA Ulster Branch, responds to the upcoming changes:
“The 1 October will also see more privacy for company directors, as they will no longer have to publicly file their private addresses at Companies House. Companies will still need to keep a record of directors’ residential details, but in future they will remain confidential.”

“Another noticeable rule change is the amendment to the National Minimum Wage, which is set to increase. The adult hourly rate will go up to £5.80, the development rate will rise to £4.83, and the rate for 16-17 year olds will become £3.57.

Keith concluded: “But this isn’t the end of the legislative process for business – there remain European Union directives which need to be brought into effect by the end of year, including the Services Directive which aims to make it easier for businesses to trade on a cross-border basis within the EU.”

Among the other rule changes, the five most significant are:

• Redundancy Pay
The upper limit will rise by £30, but the tax free element of redundancy pay remains the same

• New powers for the Registrar of Companies
The new powers will give more authority to the Registrar to control the accuracy of the information filed with it. This should also help to address the growing problem of companies being effectively hi-jacked by fraudsters.

• Inspection of company records
New rules will clarify the circumstances in which private companies are obliged under the Companies Act to make their records available for inspection by members and others.

• Business names
From 1 October even a partnership or a sole trader will be obliged to comply with the rules on business names.

• New ‘default’ articles of association
There will be new model constitutional rules which will apply to all new companies from 1 October unless they decide otherwise. There will be separate new models for public companies, private companies limited by shares and private companies limited by guarantee.

- Ends -

For further information, please contact:
Shane Finnegan or Patrick Finlay, at Aiken PR
Tel: 028 90 663000 or shane or patrick@aikenpr.co.uk

Notes to Editors

• ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We have 493,500 students and members in 170 countries worldwide.  ACCA Ireland has 20,000 students and members.
• ACCA has worked with governments, national organisations and development agencies in emerging economies- for over 20 years- promoting the accounting profession, to create value for the communities, businesses and individuals it serves.
• ACCA believes that globalisation of business means that one set of reporting standards is essential. We favour the principles-based IFRS.
• ACCA understands the real issues facing small businesses as 63,000 of our members work in SMEs or small partnerships worldwide.