Woolley & Co E-Zine February 2005

Tips and ideas for keeping your business on the right side of the law

Welcome to the February 2005 E-zine from Woolley & Co. This month there are tips for anyone taking on a commercial lease and news of growth funding, available to companies in the Midlands.

We welcome your feedback – if there is any particular legal issue you’d like to see covered send the details through to marketing@e-lawfirm.co.uk or if you have a question for one of our lawyers you can Ask A Lawyer on our website.

Andrew Woolley

Andrew Woolley, Principal, Woolley & Co

7 key points on taking a commercial lease

Commercial leases are probably one of the most complex documents you will be involved in negotiating and there are very few ‘standard terms’. Each one has to be looked at carefully as there are many traps.

Woolley & Co property lawyer, Hannah Mackinlay suggests there are 7 critical things to consider before you sign a commercial lease:

For a detailed explanation of each of these points click through to the Woolley & Co website.

Growth Finance Available in Warwickshire

Raise Finance through The University of Warwick Science Park Investment Readiness initiative through

Access to a seed fund for amounts between Ł5-Ł50k
Grant assisted Interim Management
Links to private investors & Venture Capital Funders

If you are located or are willing to locate in the Coventry/Warwickshire/Solihull area and you need finance to grow then contact the Investment Readiness Team on 024 7632 3029 or 024 7632 3121 to confirm if you qualify for the programme or email ready@uwsp.co.uk.

The Investment Readiness initiative is funded through Advantage West Midlands and the European Regional Development Fund long with support from Business Link in Coventry & Warwickshire, Birmingham & Solihull.

Should I take action?

Those in the following position should undertake a review sooner rather than later, it's better to be prepared.

Companies with self administered pension schemes.
Companies with no pension scheme.
Individuals with personal pension or self invested schemes.
Companies with executive pensions.

Networking Dinner

Woolley & Co continue to hold monthly networking dinners on the last Tuesday of every month at The Baraset in Alveston, just outside Stratford upon Avon. For just Ł30 per you’ll get three great courses in a private dining room but more importantly meet 14 real business people who know they are there to talk serious business and network. For more details or to book a place at one of the dinners contact Andrew Woolley.

Ł5,000 Fine for Radio Communications

Does your business use two-way radios on site or in your vehicles? Did you know that the old short-range business radio (SRBR) system is no longer legal in the UK? The Radio Communications Agency (now OFCOM) no longer issues SRBR licences and it is illegal to use any SRBR equipment on pain of a Ł5,000 fine.

The new system allows for the use of PMR (personal mobile radio) equipment on the 446 megahertz band, and no licence is required. But watch out if you buy ‘walkie-talkies’ or vehicle radios from dubious sources. Some of the equipment, especially ‘grey’ imports from the Far East, do not operate on the legal UK band. You might think you have saved some money, but you will need to put it towards your fine!

For any information or advice on radio communications law contact John King on 01332 676880 or by email.

Pensions ‘A’ Day – Just another day?

From April 2006 the pensions industry will experience its most significant change of the last 20 years. And the change isn't just relevant to the financial wiz kids who work out the pensions returns.

'A' Day is when a new piece of government legislation that will wipe away all eleven sets of previous pension rules to replace them with a new set of supposedly less complicated ones comes into force. However, as with all changes there will be winners and losers. Certain companies and individuals need to take action before these changes take place, as not all the changes are good news.

For instance, currently companies without pensions can pay into schemes, receive tax relief and obtain all the funds back in cash. This will not be available post 'A' Day as the tax free cash will be limited to 25% of the funds.

Borrowing limits are being drastically reduced and therefore small self administered pension schemes and self invested personal pension plans need to consider their borrowing requirements.

Who can help?

The Financial Management Group www.tfmg.co.uk are offering a pre 'A' Day Wealth Check. This is an ideal opportunity for all individuals and businesses to review their pension arrangements pre 'A' Day.

To take advantage of this offer you can contact Chris Mellor, at The Financial Management Group on 01494-434555 or email him on cmellor@tfmg.co.uk.

To find out more about these and other legal issues visit the Woolley & Co website at www.e-lawfirm.co.uk.

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