Are you ready to hand over your business to the next generation?

Entrepreneurs can be very confident about how to build up a business but then become surprisingly unsure about how to hand it over to the next generation.

This can lead to problems because there are several issues to consider. For example, will family members be able to take over…will you need to hand over to partners or work colleagues…will you need to sell to an outside company?

There are numerous options presenting different advantages and disadvantages depending on your circumstances.

Woman wins sex discrimination claim against Leeds United

A woman has won her claims of unfair dismissal and sex discrimination against Leeds United Football Club.

Lucy Ward was employed as the club’s welfare and education officer for 17 years. She had also worked for the BBC as a commentator on women’s football.

Ms Ward claimed she was sacked because she was the partner of the club’s former coach, Neil Redfearn. She told the Employment Tribunal that the club’s chairman, Massimo Cellino, had allegedly said that she and Mr Redfearn “came as a pair”.

More starter homes at 20% discount for first time buyers

The government has announced plans to build 200,000 starter homes for first time buyers under the age of 40.

It’s part of an overall plan to build a million homes by 2020. Ministers say the figure will be achieved by ensuring that 1 in 5 homes are starter homes on developments of more than 10 properties.

The starter homes will be available at a minimum 20% discount below market value, making them affordable for those on moderate incomes.

Companies must hold register of ‘People with Significant Control’

Companies in the UK must now have a register of ‘People with Significant Control’ to provide greater transparency for consumers and other businesses.

The register should include basic information about who owns or controls the company, including their name, month and year of birth, nationality, and details of their interest in the business.

Inheritance tax revenue ‘to soar to £4.6 billion this year’

Inheritance tax receipts are set to increase by more than 20% this year, according to the Office for National Statistics.

The latest figures show that death duties are on track to bring in £4.6 billion in the 12 months to February. That compares with the £3.8 billion for the same period last year.

Rising house prices are thought to be the main reason for the increase. There have also been more deaths than usual among the elderly due to the flu virus that was prevalent last winter.

New proposals to help businesses grow…but there’s a catch

The government has announced a range of proposals to encourage innovation and to help businesses grow, but the changes could also see firms facing more competition from former employees.

One of the proposals aims to prevent red tape from stifling entrepreneurship. This would involve removing or reducing the effectiveness of non-compete clauses in employment contracts. These are clauses that can be used to prevent an employee who leaves a company from working for a rival or setting up in competition for a set period, typically about six months.