Business121 Small Business Newsletter #65

In this week's Business121:

1. A predictable cacophony
2. Companies Act 2006 and Directors Duties
3. New requirements for business website owners
4. New flexible working laws will mean significant change for employers
5. Businesses urged to adopt zero tolerance anti-bullying policy
6. Small Businesses confident about 2007
7. FSB warns of self assessment filing date turmoil
8. Calls for Bank stability after 3% inflation figure revealed
9. Small firms need help to compete for government contracts
10. Businesses international trade opportunities - Webchat, 24 January

A predictable cacophony

There was a predictable cacophony from lobbying groups after last week's interest rate rise. Many of them accused the Bank of England (BoE) of raising rates unnecessarily and harming British businesses.

But with inflation hitting 3% on the CPI (Consumer Price Inflation) measure and a 15-year high 4.4% on the more established RPI (Retail Price Index) the BoE was right to raise rates.

Yes, an increase in interest rates does produce an extra cost for many small businesses, but we will all be better off in the long-term if a small, early rate rise can quell inflation and prevent bigger, more damaging hikes in the future.

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Companies Act 2006 and Directors Duties
The Companies Act 2006 codifies directors’ duties including the long-established fiduciary duties as well as the common law duty of care and skill into a statutory statement of seven general duties. Here's a summary of the seven general duties of directors.

New requirements for business website owners
From 1 January 2007, if your website does not contain the company’s full name – including any trading names, its place of registration and registration number and registered office address, you are committing an offence.

New flexible working laws will mean significant change for employers
Employers should expect a significant rise in requests for flexible working as a result of new legislation which will come into force in April 2007. The new Flexible Working Regulations mean employers will be obliged to consider requests for flexible working from a wider range of employees.

Businesses urged to adopt zero tolerance anti-bullying policy
Businesses are being urged to adopt a zero tolerance policy towards workplace bullying in the wake of the furore surrounding Channel 4’s Big Brother reality TV programme. Includes advice on developing a bullying prevention procedure.

Small Businesses confident about 2007
British small business owners are forecasting a prosperous year in 2007, with rising confidence in both the performance of their own companies and the overall state of the economy. Businesses in the South are showing most confidence in their future performance with West Midlands' companies holding the most pessimistic views.

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SMALL BUSINESS NEWS
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FSB warns of self assessment filing date turmoil
The FSB has called on HM Revenue & Customs to make sure they have resources in place to cope with last-minute tax returns ahead of the self-assessment deadline on January 31st.

Calls for Bank stability after 3% inflation figure revealed
Commenting on this week's inflation figures, which show that annual CPI inflation rose to 3.0% in December, the BCC has urged the Bank of England to refrain from further interest rate rises.

Small firms need help to compete for government contracts
Greater efforts to involve smaller businesses in the procurement of goods and services by government authorities would save public money, create fairer competition, and help the economy, according to the Forum of Private Business.

Businesses international trade opportunities - Webchat, 24 January
Find out how to take your business to the next level and reach new international markets. Join Business Link's live international trade webchat on Weds 24th January at 13:30.

For the latest Small Business News, visit http://www.Bytestart.co.uk

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CLASSIFIEDS
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PERSONAL TAX RETURNS - IT'S NOT TOO LATE
Let us help you beat the January 31st deadline for submitting tax returns. Contact Ian Marlow at HfM today on 020 8690 7444 or email Ian@hfmtax.co.uk

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