The Small Business, Enterprise and Employment Act 2015 has received royal assent and is now therefore inforce. This is the first time an act has been passed specifically for helping small businesses.

The Small Business Act has been brought in to help entrepreneurs and new start-ups. It will help small and medium size businesses by banks being required to put details of companies they reject for finance onto an online platform where they can be matched to other finance providers who can help .

It also marks the end of zero hour contracts and reinforces the national minimum wage.

The Act is split into the following 11 parts:

Access to finance

Regulatory reform

Public sector procurement

The Pubs Code Adjudicator and the Pubs Code

Childcare and schools

Education evaluation

Companies: Transparency

Company filing requirements

Directors’ disqualification etc

Insolvency

Employment

General

The full Act is available at: http://www.legislation.gov.uk/ukpga/2015/26/contents/enacted

Umbrella Accountants provide accountancy to Small and Medium Sized Businesses on 0800 121 6513.