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Sick Pay Entitlement Information

Dec 13

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Statutory sick pay is essential for staff members suffering from long term illness and injury. While sick pay entitlement enables those too ill to work to keep their head above water, there are a number of people who will attempt to cheat the system. It is essential for businesses to understand the procedures surrounding statutory sick pay so that they are able to help genuinely ill staff members.
A guide to sick pay entitlement

If a staff member is still ill or injured after eight days, you can then ask for evidence from a medical professional. If they are able to get this documentation, they become entitled to statutory sick pay.

A company must pay the legal minimum statutory sick pay, which stands at £81.60 per week. However, some businesses may set up their own sick pay entitlement boundaries. If you do offer company sick pay, the necessary requirements and terms must be in employees’ contracts.

To receive their statutory sick pay entitlement, employees must formally tell an employer that they are sick, preferably by letter. This can last for up to 28 weeks and after this point, employers can choose to end a staff member’s statutory sick pay with a SSP1 form, enabling the individual to receive Employment and Support Allowance from the government.

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Roland Garros (French Tennis Federation) Expansion Plans

May 29

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The FTF are proposing a huge expansion to the Roland Garros tennis venue that hosts the French Open tennis tournament once a year.

The project will cost around 275m euros ($392m; £241m) and will include a new stadium capable of holding up to 5000 spectators.

A spokesman said that the existing infrastructure doesn’t really live up to the tournaments billing – not enough space or seating for the bug crowds.

Part of the plan is to include an all weather roof similar to Wimbledon.  Rumours are milling around that there maybe an extension of a training facility and possibly accommodation with a large hotel complex.

This new development looks like it will get the go ahead, albeit there is some resistance from 3rd parties.   Next time you visit Paris, you could be witnessing a more grandiose tennis venue for all to see.

See how you can benefit from the favourable room prices and book a room at www.hoteldealsparis.co.uk and compare 3, 4 and 5 star hotels.

 

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The Differences from a Partnership and a Ltd Company

May 1

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Partnership vs a Limited Company

The main difference between a partnership and a limited company is that the liability of a company’s shareholders is limited to the amount of the unpaid amount on the shares that they own. Partners on the other hand, can not restrict their liability (unlimited liability) and therefore can be held personally responsible for any unpaid debts the partnership incurs.

Joint and Severally Liable

This is potentially very dangerous as partners are joint and severally liable for partnership debts.

Thus if one partner engages in an activity which results in large debts, all partners, regardless of whether or not they had prior knowledge of the activities would be equally liable to make good any shortfall in funds from their personal assets.

Partnership Deed

The internal workings of a partnership are usually governed by a deed. This agreement is the equivalent of the memorandum and articles of association belonging to a company.

The partnership deed will set out procedures and rules relating to capital maintenance, profit shares of individual partners, the admission of new partners and the resignation of existing ones.

Partnership Act

The partnership act does not provide a comprehensive set of rules and procedures on the governance of a partnership and therefore, without a partnership deed many important aspects of the business, such as disputes and working practices will not be covered and may therefore result in inconsistent and perhaps unfair decisions being taken.

Partnership and Limited Company Tax

One further difference between a partnership and a limited company is the way in which each is taxed. A company pays tax on its profits and directors are taxed on what they receive in remuneration from the company.

A partnership on the other hand is not taxed in its own right as a company is (a partnership is not a separate legal person). Instead each of the partners are taxed on their share of the profit, irrespective of how much or how little they have taken out of the business.

The following is a simply example:

Partnership £ UK Limited Company £
Profits 500,000 500,000
Salaries to Partners / Directors 250,000 250,000
Partnership pays tax on 0
Company pay tax on 250,000
Partners pay tax on 500,000
Directors pay tax on 250,000

 
Although both entities are effectively taxed on £500,000 with in the company, the tax is split between the company and the directors. The company will paycorporation tax at 21% on the retained £250,000 whilst the directors will be taxed at income tax rates (up to 40%) on the £250,000 paid to them.

The partners however will be taxed fully at income tax rates and may therefore have a much higher tax bill.

 

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How to Wind Up A Company

May 1

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A company may be wound up voluntarily if it cannot pay its creditors. It may also be wound up by order of the court on the petition of a creditor. In either case, relevant documents need to be sent to Companies House.

Introduction

This  is a simple guide to liquidation and other insolvency procedures. It summarises some of the rules that apply to corporate voluntary arrangements, moratoria, administrations, receivers, voluntary liquidations, compulsory liquidations and EC regulations. Please also refer to the relevant legislation, which you will find in the Companies Act 1985 (as amended in 1989 and later), the Insolvency Act 1986, the Insolvency Rules 1986, the Insolvency Act 2000, the Insolvency (Amendment) (No 2) Rules 2002, Council Regulation (EC) No 1346/2000, the Insolvency (Amendment) (No2) Regulations 2002, the Enterprise Act 2002, and the Insolvency (Amendment) Rules 2003 (SI 1730/2003).

The winding up, liquidation, insolvency, cessation of payments and similar procedures that apply to a PLC also apply to a European company, ‘Societas Europaea’ (SE) registered in GB. For general information on SEs, please see our booklet, ‘The European Company: Societas Europaea (SE)’

 

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