Cable's reforms 'will save business £400m'
The government has announced reforms to the way small companies have to prepare their accounts, in a move it says could save the sector £400 million a year.
The government has announced reforms to the way small companies have to prepare their accounts, in a move it says could save the sector £400 million a year.
The changes, unveiled by Business Secretary Vince Cable, will mean 42,000 small businesses will no longer be required to have independently audited accounts.
For even smaller businesses, the government is pushing for exemptions in European rules to remove the requirement to produce specific accounts for Companies House in addition to those for tax purposes.
All told, the changes would simplify the accounting procedures of some 2 million businesses.
Cable said: "It's important that we free small firms up so they can grow and drive the economy. The changes I have announced mean that small firms will be able to concentrate on growing and taking on more people instead of paperwork."
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