Tax laws control how a business must report its financial status to the government. The IRS, for example, specifies many different methods that businesses must use when reporting income and expenses. The accrual method of accounting is required for businesses over a certain size and depreciation schedules must be chosen from a limited number of options, and additional methods have their own regulations. Many of these laws are in accordance with generally accepted accounting principles, but some are notable deviations, such as government-allowed depreciation schedules.
Reporting laws control how businesses must report their finances to investors and the government. These laws set standards that incorporated businesses must meet and are necessary for transparency purposes. Reporting laws are similar to tax laws but are more concerned with preventing fraud and misconduct. They are affected by legislation such as the Sarbanes Oxley Act.
Many sectors of the business world have long complained about government regulations and their restrictive nature. Often cited as an impediment to corporate and small business profits, and a waste of precious time and effort, government statutory requirements have been denounced, side-stepped and violated by many a business since the early twentieth century when the corporate income tax and anti-trust laws were first enacted.
Laws pertaining to marketing and advertising set in motion by the Federal Trade Commission exist to protect consumers and keep companies honest about their products, according to Business.gov. Every business in the country is required to comply with the truth-in-advertising laws and could face lawsuits for violation. Truth-in-advertising laws are made up of dozens of tidbits under three main requirements: advertising must be truthful and non-misleading; businesses need to be able to back up claims made in advertisements at any time; and advertisements must be fair to competitors and consumers. Additionally, in compliance with the Fair Packaging and Labeling Act of 1966, all product labels must include information about the product, such as nutrition, size, and distribution and manufacturing information. The last part would not be implacable to Vauxhall however they are involved in a lot of advertising for their cars and therefore must abide by this policy of being truthful and not misleading. Before this policy was put in place there was a lot of misleading advertising especially in cars this gave a unjust and wrongful picture to the customer.
Among the ever-changing regulations in business are employment laws. These laws pertain to minimum wages, benefits, safety and health compliance, work for non-U.K. citizens, working conditions, equal opportunity employment, and privacy regulations--and cover the largest area of subjects of all the business regulations. Several employment regulations stand out as the heavy hitters among the others. The Fair Labor Standards Act, applied by the Wage and Hour Division, set the minimum wage for workers in the United Kingdom. As of 2010, decisions made by the division affect more than 130 million workers, according to the Department of Labor. The Employee Retirement Income Security Act ensures that employees receive the retirement plan options and health care benefits to which they are entitled as full-time employees. There are also several required benefits, including unemployment insurance, Workers' Compensation Insurance and employee Social Security assistance. The Immigration and Nationality Act ensures that only U.K. citizens and individuals with work visas can be hired, and every business must keep on file I-9 eligibility forms for applicable employees. This has implications on Vauxhall because they have over 35,000 employees in the UK, hence they are responsible for checking if their employee has the right to work in the UK if they are not and are employed Vauxhall would be fined and would face other consequences. Therefore Vauxhall must closely abide by this law. Also the minimum wage has implications because Vauxhall has to follow the minimum base rate of wages otherwise they can be sued also Vauxhall year by year increase in the number of apprenticeships being offered and this also has a minimum wage which Vauxhall must follow.
The carbon footprint of businesses on the environment is regulated by the Environmental Protection Agency alongside state agencies. The EPA enforces environmental laws passed by the federal government through educational resources, frequent inspections and local agency accountability. The Environmental Compliance Assistance Guide exists to help businesses--small and large alike--achieve environmental compliance, and serves as an educational resource more than an enforcer.
Privacy
This has had major implications on Vauxhall as they are forced to make their cars more economical and safer to the environment this is because of the policies set in place by the government and also because of the many Green pressure groups. This is why Vauxhall have made the ecoFLEX. Vauxhall’s ecoFLEX vehicles are very efficient. They use less fuel more efficiently, which means they emit less CO2, helping decrease the impact on the environment. GM's most economical vehicle is the Vauxhall Corsa ecoFLEX which emits CO2 at only 88g/km.
EcoFLEX is part of a much wider range of our green automotive initiatives. Vauxhall have dramatically reduced manufacturing emissions and their new vehicles use more recycled materials and recyclable parts than ever before. All of Vauxhalls vehicles are at least 85% recyclable and 95% recoverable as per GM's End of Life Vehicle Directive. No more than 15% of an 'end-of-life' vehicles weight is sent to landfill, with the intention to reduce to 10% by 2015.
Vauxhall’s UK Corporate site Griffin House won the EU Energy Trophy for reducing its energy usage by 6.9% in September 2007 to 2008. Previously the Luton produced Vauxhall Vivaro has twice won the UK commercial vehicle MPG fuel economy marathon. The Ellesmere Port plant has also been awarded the most improved Energy Conservation Award by EON - Power, for reducing the energy necessary to produce each Astra by 50% since 2003.
Sensitive information is usually collected from employees and customers during hiring and business transactions and privacy laws prevent businesses from disclosing this information freely. Information collected can include social security number, address, name, health conditions, credit card and bank numbers and personal history. Not only do various laws exist to keep businesses from spreading this information, but people can sue companies for disclosing sensitive information.
Not only Vauxhall but any employer will be affected by this Law because they have some very private information of people. Vauxhall must insure that this information is kept safe and that is only seen by those who need to view it. Also Vauxhall hold private information of their customer this likewise must be kept confidential and should be vanquished once the need to hold the data is extinct.
by
haseeba1 (student)
