The Enterprise Act, which came into force on 4 May 2016, brings with it benefits for businesses throughout the UK.
The Act includes measures to appoint a Small Business Commissioner who will tackle problems such as late payment, which is a particularly big issue for small businesses. Another welcome change under the Act is a new legal obligation for insurers to pay claims to businesses within a reasonable time.
Other Enterprise Act measures include:
- Extending the Primary Authority scheme to make it easier for businesses to access advice from local authorities.
- Protecting and strengthening apprenticeships, and establishing an Institute for Apprenticeships – an independent, employer-led body that will make sure apprenticeships meet the needs of business.
- Providing greater transparency through annual reporting requirements.
While some provisions of the Act begin automatically, others will need to be underpinned by secondary legislation before they take effect. Although we have yet to learn who the candidates are for the role, the Small Business Commissioner is due to be appointed this summer.
Legal services for your business
With a large and skilled commercial law team, we can provide a specialist lawyer whatever your business or its needs.
To find out about our commercial legal services – and view a list of key contacts – please visit our main business services page.
Alternatively, please call us on 01323 435900 or email firstname.lastname@example.org.