Starting your business is a new and exciting time but there are also many rules that need to be fully understood and followed.
Regulations can be updated regularly which makes it hard to keep up but it is essential for new businesses to be proactive and ensure that they are being compliant at all times.
By keeping up with this and following measures from the beginning, you can guarantee that your firm, your employees and the future of your business is protected.
You will save yourself time and money in the future if you comply now, rather than finding out further down the line that something is wrong.
Areas of compliance to consider
The industry regulations are set by individual professional regulators, depending on the industry that your business operates in and examples of these are the Financial Conduct Authority, the Environment Agency and the Law Society.
Regulations with the financial industry is a big area that you must follow, as this includes things like tax and payroll so being fully compliant is essential.
Depending on how big your business becomes, you will potentially need to look into employment laws such as health and safety, contracts and pay.
The number of regulations you have to follow will depend on how big your business is.
Tips on complying
Here is how you can ensure you are fulfilling your compliance requirements:
- Create internal controls such as organisational policies
- Carry out regular audits
- Review all legal documents
- Keep documents on all relevant laws
What are the consequences of being non-compliant?
Not complying with regulations can have big consequences such as fines and in the worst cases, imprisonment.
Not only can these consequences be serious, but non-compliance will also impact your reputation as a business.
For advice on business compliance, contact us now.