<\/p>\n
Filing burden lifted for small firms<\/p>\n
Small firms will no longer be required to file more detailed accounts to Companies House after the UK government agreed to suspend the plan.<\/p>\n
The planned change would have required two million micro businesses and incorporated sole traders to prepare and provide more information to Companies House, including a complete profit and loss (P&L) statement and balance sheet.\u00a0<\/p>\n
It had been due to take effect next April as part of the 2023 Economic Crime and Corporate Transparency Act.<\/p>\n
The government said giving Companies House access to P&L accounts for all companies would help crack down on fraud, tax evasion and other economic crimes. About 60% of the UK\u2019s \u00a347 billion tax gap is attributed to underpayment by small and medium-sized businesses.<\/p>\n
However, it has recognised business concerns about commercial confidentiality, as well as the administrative burden of the requirement. <\/p>\n
Tina McKenzie, national chair of the Federation of Small Businesses (FSB), said the decision was \u201ca huge step in the right direction, averting a huge new weight of red tape on the very businesses with the fewest resources to deal with it.\u201d<\/p>\n
Lena Levy, deputy director of policy at the British Chambers of Commerce, said it was important that the pause was \u201cused as a genuine opportunity to streamline filing processes. It must not be just a delay to bringing in the requirements at a later stage.\u201d<\/p>\n
The decision is regarded as one of a series of planned regulatory reforms which the government said would save businesses millions of pounds a year. <\/p>\n
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\t #Small #firms #spared #Companies #House #filing #demand #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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