The table below lists just some of the laws that might be considered when analyzing legal factors: As one example, we recently prepared an informational presentation for a successful restaurant client for whom we have completed several assignments over the past few years. If your business operates out of one or more locations and sells its products to buyers in other locations, your business will be subject to the laws of more than one government. You may also need to conduct regular risk assessments, display a Health & Safety poster and have policies for recording injuries to staff. We hope you have found it to be a valuable resource, and we look forward to your comments. Any employee aged between 22 and the state pension age, and who earns at least £10,000 a year must be enrolled automatically. We completed the first draft and sent it to the client for his feedback. Taxes. No part of this website may be copied without prior written permission. Right to work – Your business has a legal obligation to check that staff have a legal right to work in the UK before employing them. Malaysia taxation policies are imposed by federal legislation passed by Parliament. 2178 words (9 pages) Law Essay. If he had prepared a PESTEL Analysis, he would have known about franchising laws and the requirements he must meet before offering a franchise to anyone. The overlap is good because it helps ensure that business leaders do not miss anything as they consider critical strategic decisions. This time, the client asked us to prepare a presentation that he would share with potential landlords so that he could secure locations for a new concept. Full of tips to help you kickstart a new business, from market research to cash flow planning. The business legal environment plays a very important role in determining the success of any businesses around the globe. Catering businesses across the United Kingdom will need to comply with The Food Safety and Hygiene (England) Regulations 2013; The Food Hygiene (Scotland) Regulations 2006 (as amended); The Food Hygiene (Wales) Regulations 2006; The Food Hygiene Regulations (Northern Ireland) 2006. We were immediately concerned because, in the U.S., there are very well defined laws regarding the sale of franchises as provided by the Federal Trade Commission, an agency of the U.S. government. Minimum wage – This affects every employee, through the amount differs by age for those aged 24 and lower. Which? Your information is protected by our. The list of legal factors that should be considered includes current and impending legislation that may affect the industry in areas such as employment, competition, and health and safety. Sole traders – You must register with HMRC within three months of becoming self-employed – even if self-employed on a part-time basis or in addition to being employed with another company. You must register your business with Companies House, listing all directors, as well as persons with significant influence on the business. As many businesses sell directly to the public, consumer laws that govern consumer rights are important to know. The legal factors affecting business magnify when you hire staff. You can register online with HM Revenue and Customs (HMRC). Examples of this type of legislation include: The 2002 US federal law, Sarbanes-Oxley Act. For example, the legal requirements that affect a petrochemical company may be very different to those a taxi service must comply with.There are, however, legal issues common to most businesses. Luckily, we were able to intervene, and we sent him along to his attorney for assistance. It must include cover for £5m and be purchased from an authorised insurer. The legal environment has a significant impact on the success of every business venture. The list of legal factors that should be considered includes current and impending legislation that may affect the industry in areas such as employment, competition, and health and safety. Most notable is the overlap between legal factors and the political factors that we reviewed earlier. The Health & Safety Executive has a comprehensive guide to H&S laws that affect business. Depending on the nature of your business, there will be a catalogue of legal factors relating to how you trade. Other legal requirements may apply depending on the nature of your business, such as the need to hold a licence to sell alcohol or operate a tattoo parlour. As touched on above, PESTLE analysis is a business analysis tool that looks at things from six crucial viewpoints. Legal factors include current and impending legislation that may affect the industry in areas such as employment, competition, and health and safety. Whatever your business structure, if your turnover is greater than £85,000 in a 12-month period, you’re legally required to register for Value Added Tax (VAT). © Free-Management-eBooks All rights reserved. Privacy Policy Terms and Conditions Transparency. Once registered, you must complete an annual self-assessment, and pay any due tax and NI before January 31 for the preceding tax year. If they don’t meet the requirements, consumers can get their money back. A government’s rules and regulations—its laws—will always have a macroeconomic impact on the success of any business. In this series on the importance of preparing a PESTEL Analysis, we have mentioned several times that the political, economic, social, technological, environmental, and legal factors will often overlap. Workplace pension – Under the Pensions Act 2008, UK employers must put eligible staff into a workplace pension scheme from their first day at work. google_ad_slot = "0359698703"; It covers legal costs and compensation if your business is sued by an employee who is injured or becomes ill as a result of working for your business. As a business leader, you do not have to like every law. Because of this, it is important to understand regulations in place when entering a new market and see to it that you adhere to the legal guidelines of the authorities. The two main principles of GDPR are that businesses must have appropriate legal grounds for processing personal data and must do so transparently, and businesses can only collect and use personal information solely for a specific purpose. Personal loans for business use only. A complete legal structure chart for the group can be found at www.british-business-bank.co.uk. You must also submit an annual tax return for the business to HMRC and pay Corporation Tax – currently 19% of company profits – within 9 months and 1 day from the end of your financial year, also known as your accounting period. The level of market share is often restricted (e.g. From employment rights to keeping customer data safe, the legal factors affecting business can read like a laundry list of law terms. Instead, they are there to help. A raft of other UK laws may affect your business, from copyright law designed to protect brands to patent law that protects intellectual property and inventions. Limited company – There are specific legal requirements when setting up and running a limited company. UK law applies to all aspects of running a business, and each company will face specific legal rules for their business and industry. external factors which refer to how the law affects the way businesses operate and customers behave British Business Bank plc is a development bank wholly owned by HM Government. HMRC has guidance on how to register as an employer. This differs depending on how your company is structured. The National Minimum Wage for those aged 25 and older is £7.83 per hour, rising to £8.21 per hour from April 2019. Jimmy's background includes over 40 years in international, commercial, and investment banking, and nearly a decade as the principal shareholder and CEO of a rapidly growing manufacturing and distribution business in California. This should show how much they earned in the pay period, how much tax and National Insurance was deducted, any other deductions and their net pay they will take home. Most notable is the overlap between legal factors and the political factors that we reviewed earlier. If selling involves a contract, you’ll need to offer a cooling-off period of 14 days to allow a consumer to change their mind. Your PESTLE Analysis should consider the impact of your own national laws as well as those originating in other countries that could have implications for you, for example global accounting regulations, safety compliance, etc. Employers’ Liability – When your business employs staff, you must hold valid Employers’ Liability (EL) insurance. However, it is imperative that you are aware of the laws that relate to your business and how they affect it today and tomorrow. This set out new or enhanced public accounting standards for all American public company boards. //--> Consumer rights laws are designed to protect consumers from buying goods not fit for purpose, not as described, and give them the right to return faulty goods for repair, replacement or refund. Your PESTLE Analysis should consider the impact of your own national laws as well as those originating in other countries that could affect you. We would like to keep you up to date by email with useful business tips, advice and information about our product that can assist with your start up journey. The individual states do not collect taxes. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). has a guide to Consumer Contracts Regulations. Key regulations include the Food Standards Act 1999 governing food businesses in the UK. //
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