Quote of the Day
Nothing is worth more than this day.
Business Tips of the Week.
Never be afraid to ask, someone somewhere will know the answer. Remember you are not alone in business; the relationships you build now will shape how you move forward. Always look for 50/50 opportunities and think it’s about respecting each other. Everyone loves a win-win situation.
Think lean, engage your employees in improving the business, find more ways to add value for your customers and eliminate wasted time, effort and money. Result: happier customers, happier employees and more profit with less effort.
Credit fuels business activity, firms have to borrow to invest in factories or research new products, individuals take out loans to buy houses. So when credit dries up the economy gets smothered. During a credit crunch there is less credit available and a tightening of the conditions for accessing it.
HMRC Naming and Shaming over National Living Wage
A record 360 businesses have been named and shamed by the government for failing to pay over 15,500 workers the correct National Minimum Wage (NMW) or National Living Wage (NLW).
The employers were required to pay back almost £1 million in underpayments and were issued with penalty fines of nearly £800,000.
Most well-known is Debenhams, which after an “accounting error” paid its staff below the legal minimum, so will repay £134,000 to more than 11,000 staff and pay a £63,000 fine. Other well-known names include Subway, Lloyds Pharmacy and Peacock Stores.
The government previously announced the intention of HMRC to focus on sectors that are prolific for underpayments, with employers in hairdressing, hospitality and retail being the largest offenders.
229 employers each underpaid just one of their respective employees, showing that no case is too small for an HMRC investigation.
The government introduced naming and shaming as a deterrent in 2013. This latest record-breaking list of shamed businesses shows that employers still get this tricky area of law wrong.