Dragons’ Den winner Levi Roots has launched a new competition offering cash prizes for the UK’s most dynamic family-run businesses.

The Reggae Reggae Sauce creator has agreed to head up the judging panel for Barclays’ Family Affair Awards.

There are approximately 3 million family-run firms operating in the UK, and Barclays Local Business wants to reward and celebrate their contribution to the nation’s economy.

Winning businesses across nine regions will each receive a £1,500 cash prize, with the overall champion scooping £5,500 in cash plus a year’s unlimited access to a Barclays Business Angel.

The competition is open to entries from any member (aged 18 and above) of a UK-based family-run business.

Potential contestants are asked to answer a few simple questions about their business, such as how it was started, how the family has worked to make it a success, and what are their future ambitions.

A judging panel will then reward the family firms that display the most significant degree of enterprise, success, and dynamism.

Urging families to enter the competition before the 31 March closing date, Levi Roots said:

“I’m looking to find the UK’s most exciting and enterprising family-run businesses in order to help them along the way. With the help of Barclays Local Business, we are going to inject a bit more spice into the prospects of these fantastic enterprises in 2009.”

For more information about the Family Affair Awards, visit the Barclays Local Business website

Up to £5,000 worth of business advice is on offer for the company that comes out on top to win the Nottinghamshire Business Awards 2009.

Firms from across the county are invited enter this year’s competition and showcase their successes, talents and products.

Now into their twenty-third year, the awards are free to enter. Although businesses from all sectors are welcome to put their name forward, the contest is primarily aimed at growth-orientated businesses developing new techniques, products and services.

Awards are up for grabs in the following categories:

Nottinghamshire Company of the Year.
Nottinghamshire Small Business of the Year.
Nottinghamshire Young Businessperson of the Year.
New Enterprise of the Year.
Business Innovation.
Winners in all sections will receive a commemorative trophy, but the entrant crowned the overall Nottinghamshire Company of the Year will also scoop £5,000 worth of business advice from competition sponsors KPMG and Nottinghamshire County Council.

Entries must be made by 27 February, with the winners set to be announced at a glittering ceremony to be held at Nottingham City Council House on 7 July.

To register an interest in this year’s competition, visit the Nottingham Evening Post website

Small business legislation is a colossal subject area and new regulations are being introduced in 2009. Below is a summary of some of the main forthcoming regulations that might affect you and your business.
• Extension to holiday entitlement - Parts of the Working Time (Amendment) Regulations 2007 come into force in April 2009, increasing statutory leave from 4.8 weeks’ paid annual leave to 5.6 weeks. Bank and public holidays can be included in a worker’s minimum holiday entitlement; alternatively they can be offered in addition to the minimum entitlement.
• The Health and Safety Offences Act 2008 - The Act comes into force on 16 January and will increase penalties and provide courts with greater sentencing powers for those who breach health and safety legislation. The Act raises the maximum penalties that can be imposed for breaching health and safety regulations and broadens the range of offences for which individuals can be imprisoned.
• VAT Flat Rate Scheme entry - With effect from 1 April 2009, the test that requires a business to check that its total income is less than £187,500 for entry into the VAT Flat Rate Scheme will be removed. Instead, eligibility to join the scheme will be determined solely by the taxable turnover of the business, which must be less than £150,000.
• Corporation tax - The 2008 Budget revealed somewhat controversial plans to raise small business corporation tax to 22% in April 2009, up from 21% in 2008. The Chancellor announced in the Pre-Budget Report back in November 2008 that he would postpone the rise until 2010. The stalemate scenario affects businesses with profits of up to £300,000, which could provide some welcome relief for small firms.
• Extension of trading loss carry back - Usually, a company can carry back a trading loss that occurs in an accounting period for 12 months and offset the loss using profits gained from any source. New rules for 2009 mean that companies can carry back their trading losses for up to three years, in certain circumstances, and for accounting periods that end between 24 November 2008 and 23 November 2009. Unincorporated businesses can make a claim for trading losses for the tax year 2008-09.
• Empty property rate relief - The Pre-Budget Report brought both good and bad news regarding empty property rates. The good news is that properties with a rateable value below £15,000 are exempt from paying business rates. The bad news is that, after months of campaigning by businesses and the property sector to get the unpopular empty property levy scrapped, the tax remains in place, affecting owners of vacant properties that have a rateable value of £15,000 or more.