Government action to save small firms £40m
Business Secretary Vince Cable announced last week that no small firm will have to have independently audited accounts any longer, saving 42,000 businesses a combined £40 million per year. He said: "It's important that we free small firms up so they can grow and drive the economy. The changes I have announced today mean that small firms will be able to concentrate on growing and taking on more people instead of paperwork."
The areas of reform are:
* Firstly the small company audit and accounts rules are stricter in the UK than is required by EU law;
* For businesses with less than 10 employees, Government will push for exemption to remove the requirements to produce two sets of accounts;
* For medium sized businesses Government will push for EU restrictions to be lifted so they no longer need their account independently audited and finally;
* Government will look at relaxing the audit and accounts rules for subsidiaries.
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