Mogers Drewett Compliance Guide for Business 2024

Staying within the tramlines of compliance is crucial for businesses but life for SME’s is set to become more challenging later this year. The new Government is looking to introduce a raft of new regulations, including the Employment Rights Bill set to be implemented in October 2024. Of course, it’s important to stay compliant but often in business we become so focused on day to day matters and the essential operational tasks that we can overlook important rules and legislation. In simple terms, “you don’t know what you don’t know” yet there’s no defence in law for “being unaware” or “too busy” so here's a suggested guide of some of the hot compliance points to watch out for and ensure your business remains safely on track.

Contractual Obligations

Evaluating existing contracts goes beyond renewals. Monitor automatic renewals, renegotiate terms, confirm compliance, and address potential breaches. Update standard terms and conditions to meet the current and future needs of your company. Consider potential adjustments like cost increases, adding interest or legal costs, or introducing new services.

Data Protection and Privacy

Many business owners are unaware that post Brexit the UK has designed its own update on GDPR. Does your privacy policy on the website reflect this? You can achieve GDPR compliance by regularly monitoring and reviewing data protection efforts. Conduct data audits, update privacy policies, and ensure employees adhere to these policies, especially in remote working scenarios. Strengthen cybersecurity measures and ensure appropriate insurance coverage is in place to guard against malicious actors.

Cybersecurity and IT Compliance

Following on from the above steps ensure you have the most appropriate and up to date cybersecurity measures in place and update IT policies to address remote work and technology changes. Conduct cybersecurity training for employees to protect against data breaches and cyber threats.

Corporate Governance

Review and update corporate governance policies and procedures to align with your current company structure. Confirm compliance with filing requirements at Companies House. We can all get caught up in too many meetings and get frustrated if they’re not productive. Ones not to avoid are board meetings to assess company performance and compliance. Non-execs can play a vital role in being the eyes and ears of a company, keeping a close watch on areas that otherwise might be overlooked.

Intellectual Property (IP) Review

Evaluate and update your IP portfolio. Address infringement issues promptly and ensure employees are aware of and comply with IP policies. Contractual arrangements should protect IP and transfer ownership appropriately.

Use of Artificial Intelligence A.I.

With the proliferation of A.I. tools its essential that your business both capitalises, so as not to fall behind the competition, and brings a level of control over how its used. Microsoft’s Work trend Index (WTI) surveyed 31k employees across 31 countries identifying 75% are using A.I. at work but alarmingly over half, 52%, have not told their employers. We would recommend an amnesty and an open conversation, identify areas of risk and technical accuracy of the tools, those that have a justification for engaging AI and ensure only approved platforms and trained staff are authorised for working with the technology in your business.

Regulatory Compliance

Stay informed about industry-specific regulations. Confirm compliance with regulatory filings and prepare for upcoming regulatory changes. Ongoing vigilance is key to maintaining regulatory compliance.

Tax Compliance

Stay updated with HMRC requirements, including VAT, corporation tax, and income tax. Ensure timely and accurate tax filings to avoid penalties and interest charges.

Consumer Protection

Ensure your products and services comply with consumer rights laws. Maintain transparency in your business practices and address any consumer complaints promptly.

Licenses and Permits

Ensure all necessary business licenses and permits are up-to-date. Regularly review and renew licenses to comply with legal requirements and avoid disruptions in operations.

Trade and Customs Compliance

Adhere to trade regulations and customs requirements, especially post-Brexit. Ensure proper documentation for imports and exports to avoid delays and penalties.

Advertising Standards

Comply with advertising standards and marketing regulations. Ensure all promotional materials are truthful and not misleading to maintain consumer trust.

Employment Law

Start by reviewing your employment contracts and policies. Update terms if necessary to comply with the latest changes, including those introduced by the Employment Rights Bill. Maintain accurate records of working hours and leave balances. GDPR considerations should also be at the forefront, ensuring that old data is deleted, policies are updated, and data breaches are prevented.

Health and Safety

Assess and update workplace health and safety measures. Update risk assessments, ensure employee awareness of safety protocols, and promptly address any outstanding health and safety issues. Verify the adequacy of your insurance coverage to protect against potential risks.

Employee Training and Development

Assess the training needs of employees, plan professional development opportunities, and ensure compliance with ongoing training requirements. Investing in employee growth contributes to HR excellence and staff retention.

Equality, Diversity and Inclusion

Last but most certainly not least EDI. Promote workplace equality and comply with anti-discrimination laws. Implement policies that support a diverse and inclusive workplace, ensuring fair treatment for all employees. As an example of the steps you should be introducing, ensure recruitment is inclusive and mindful of addressing candidates who may be neurodiverse.

Conclusion

By diligently addressing these legal and compliance considerations, your business can navigate the year with confidence, positioning itself for a prosperous and legally sound future. For comprehensive legal support, consult with Tom Webb at Mogers Drewett. Tom's expertise can guide you through the complexities of compliance, ensuring your business stays on the right track. Whether you need help with employment law, data protection, corporate governance, or any other legal matter, Mogers Drewett is here to assist you.