If the States approves the proposals next month, most residents will be entitled to a minimum wage of £6 an hour from 1 October this year. This will mean that everyone aged 19 and over will be paid at least £6 per hour and anyone aged over 16 would be entitled to an hourly rate of £4.25.
This change could cause a problem to some small businesses where the industry wage level is inherently low at the moment. The answer to these problems is often redrawing the business plans and possible restructuring.

If you would be affected by these changes but not quite sure how you will be able to cope with the increase in payroll costs, A+ Accounting is the perfect help for you. I can advise you on changing or re-doing your business plans, preparing a cash flow forecast to monitor what impact this change would have on your available cash, and how it could be kept under control.

All you need to do is to pick up the phone and call me!

The Guernsey financial Services Commission has announced amendments to the Regulatory and Anti-Money Laundering Legislation. As per these amendments now all accountants, estate agents, legal practices and fiduciary practices will now become prescribed businesses under the Regulation and so they will have to register with the GFSC and be fully compliant by the 4th of October this year.

To clients this will mean that they will have to comply with Client Due Diligence requirements by providing certified copies of passports, utility bills, and previous names and addresses. It will also mean that customers will possibly be subject to a lot more questions and explanations when dealing with a prescribed business.

A+ Accounting is also required to comply with the above Regulations, but I will make sure the additional administrative requirements will not be a lengthy process for my clients and will be the least hassle as possible.