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Unit 36: P4- describe the legal and financial aspects that will affect the start up of my business
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Unit 36: P4- describe the legal and financial aspects that will affect the start up of my business
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In this task, I will describe the legal and financial aspects that will affectthe start up of my jewellery business.
Initially, there are various laws which might affect the start-up and
running of my business. I should ensure that I am aware of all the
legislations which apply to my business so that I abide by them and avoid
risks of facing consequences if these are breached.
One of the laws which I will have to consider is the Data Protection Act
1998 which defines laws on the processing of data on identifiable living
people and it is one of the main legislations which govern the protection of
personal data in the UK.
As a result of this law, I should take the appropriate measures to ensure
that personal data provided by applicants during recruitment and
selection processes are only used for lawful purposes and kept only for
matters relevant to employment. In addition to this, all the data obtained
should be confidentially and securely maintained. Candidate’s details
should not be disclosed and I should make sure that I do not possess
these personal details for longer than necessary. This is because; if my
business is found to be in breach of the Data Protection Act 1998, this can
incur possible loss of business and damage my reputation, leading to a
decrease in sales and profit. In extreme cases, I might also be subject to
penalties and fines which will require me to pay a considerable amount of
money, which is why I should strictly take this law into consideration.
Moreover, another applicable law is The National Minimum Wage Act 1998
which suggests that all workers are entitled to a minimum pay per hour by
law, whatever the size of the business. This rate is currently at least
£6.31 per hour for adults. If an employee feels that he is being exploited,
the latter can get in touch with the Pay & Work Helpline and complain to
get the authority concerned to carry out an investigation. Therefore,
when employing staffs, I should ensure that I have the means to provide
the salary for all of them, as if I fail to do so and pay less than the
recommended sum; I will breach this law and will be liable to face tough
consequences.
In addition to the above, the Employment Act 2002 is also of utmost
importance; it suggests that employees on fixed-term contracts must be
treated as favourably as permanent workers. It is a ‘family-friendly’ law
and also states that employers are bound to allow parents the right to
request flexible working hours. This act has improved the rights of
working parents to take leaves to care for their children.
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