Britain plans to simplify reporting rules for small businesses

reuters_tickers

LONDON (Reuters) – Britain plans to remove redundant reporting requirements for small companies in reforms that will help them save on costs and do business more easily, the government said on Monday.

The government will legislate to make the changes, which include lifting the size threshold for small companies so they aren’t burdened with unnecessary reporting requirements, business minister Jonathan Reynolds said in a written statement to parliament.

The new rules came as Britain published a consultation document on its new industrial strategy and welcomed global business leaders to a major investment summit in London.

Reynolds also said the government was committed to making it easier for businesses to move their place of incorporation to the UK and would consult on a new corporate re-domiciliation regime.

“My department will lay legislation by the end of the year that will save companies 240 million pounds per year by removing redundant reporting requirements and uplifting the monetary size thresholds for micro-entities, small and medium-sized companies, as well as making technical fixes to the UK’s audit framework,” he said.

“The changes will benefit up to 132,000 companies who will move to a smaller size category, with lighter-touch accounting and reporting requirements more proportionate to their size,” he added.