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statutory regulations

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Statutory Regulations and Law are listed below: > Health and Safety at work Act 1974 The acts states that the employers must provide safe equipments and working systems. Provide a safe working environment and written policy that include risk assessment. Must provide training, instruction, supervision and must make sure employees are aware of the instructions. Employee must cooperate with their employer and take care of their own health and safety and others. > Partnership Act 1890 This is 2 - 20 people that are joined together as partners. The following are the rights and responsibilities of each type of partners. General partners - they invest and take part in the running of the business and its profits. Each general partners are all responsible for any debts that may occur. Sleeping Partners - they invest and share the profits but don't participate in the running of the business and they are not really liable for the debts since they are not an active partner. Companies - they can be the officers of the partnership and their rights is the same as the other partners but also deal with tax and reporting requirement. > Business Names Act 1985 It applies to a company which trades under a name which is not its corporate name. It requires me to provide the business the name of the proprietor of the business or the name of every partner if the business is a partnership and the corporate name if the business is a limited company and the individual name. > Equal Pay Act 1970 The acts states that men and women must be paid equally as long as their working conditions are similar. The act forbids unequal pay for equal work performed by both men and women in the same business who are having the same working conditions. > Sex Discrimination Act 1975 / 86 This act makes it an offence for me to discriminate about their sex, marital status, or gender in employment, education or in providing ...read more.


to them The acts prevent sexual harassment at work either by direct sex discrimination, indirect sex discrimination and also protect people who complain and are then victimised. > Race Discrimination Act 1976 The acts states that it is an offence for an employer not to treat their employees well or equally due to their race, colour, sex, nationality or ethnic origin. It provides protection either at work, education, provision of goods and services. > Disability Discrimination Act 1975 This act makes it an offence for me to discriminate against a disabled person but places a duty on the employer to adjust the nature of work and working environment to employ an employee with disability. I need to treat everyone equally and make sure the disabled people can have access to my service. > National Minimum Wage Act 1998 This act applies to all workers and set hourly rates to which payment must not fall. It protects customers against unfair charges. It protects employees by which the acts also states that if two employees are doing the same job they should be paid equally. > Consumer Credit Act 1974 This Act controls credit this means that any loan offered to the customers must be licensed. It gives customers making credit agreement when they have agreed to credit in their home a seven days cooling-off period. Personal sellers need to state the details about the credit agreement which must include the total charge of credit, the APR and total costs. For example, Kitchen Direct must explain the full cost of loan, year and APR. > Consumer Protection Act 1987 It requires the sellers to provide products that are safe and the price is clear. It is an offence to supply unsafe goods and giving false prices and exaggerate price reductions. The goods produced must fit for the purpose for which they were sold and must be safe, in other words the product must meet the customers need. ...read more.


For example, if your computer hasn't got the services set out in your contract then you are entitled to compensation. > Sales of Goods Act 1979 You are not entitled to reject and get a full refund on a product because you had the products for a while before the fault developed, you are only entitled to have the products repaired, and you can get a replace if repairing the products is irregular. You should ensure you follow the terms and conditions before making your queries. If the products did not meet your requirements you can reject / refund them hastily with a justified proof. > Trade Descriptions Act 1968 This act prevents personal sellers misleading customers on goods or services. I need to provide my customers with correct information about the products or services. The act carries an offence to give a false misleading description of goods. Keeping and submitting business records It is important for me in my business to gather different informations and make it is stored correctly so it is able to retrieve which can either be manual or electronic filing system. Regulations and laws relating to records There are two main acts that relates to income tax. 1. Deduction of employees pay, paying under the PAYE systems. 2. Types of income like self employment. The VAT is take form the Value Added Tax. The importance of completing and keeping correct records It is important to keep correct records for legal reasons They include: > I need to keep correct record for my business in other to prepare my financial statements like my profit and loss account and balance sheets which will show my income and expenses and to help me dealing with my bank. > I need to know the progress of my business if it is improving and the changes that I need to make. > I need to know where the money is coming from and if I am making profit or not. ?? ?? ?? ?? Unit 9: Exploring Business Enterprise. M2 Tope Ogunsanya ...read more.

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