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Follow on Google News | Small Businesses Could Cut the Red Tape of Financial Reporting According to New ProposalsFinancial and corporate reporting is a hugely time consuming affair for a company of any size.
By: jumpingspidermedia A recently published discussion paper from the Department for Business, Innovation and Skills (BIS) and the Financial Reporting Council (FRC) proposes reducing the financial reporting burdens for the smallest businesses in the UK. The paper, entitled “Simpler Reporting for Smaller Businesses”, encourages a simplification of financial and corporate reporting requirements for small businesses. According to the proposals, company compliance for the smallest of businesses, or ‘micro-entities’ The Minister responsible for corporate governance, Edward Davey said: “Reducing unnecessary regulatory burdens on the smallest businesses can give them the freedom to innovate and grow - which ultimately benefits the entire economy”. The government will glean the reaction to these proposals before deciding on any potential policy change. Given that a micro-entity is defined as a company with a turnover of less than £440,000, with net assets of less than £220,000 and employing fewer than 10 people, which represents around 60% of companies registered at Companies House, it’s thought that implementing these changes could benefit as many as 5 million businesses in the UK. Indeed, cutting the red tape of financial reporting could affect many clients of corporate support and company secretarial services firm London Registrars. The company is keeping a close eye on developments and will advise its clients accordingly. For further information on the services provided by London Registrars visit the company website at http://www.london- End
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