Small Businesses: Annual Reports
The question
To ask the Secretary of State for Business and Trade, what steps his Department is taking to help reduce the level of annual reporting for small companies.
Answered by Blair McDougall
The Department is reviewing non-financial reporting requirements to simplify, streamline and reduce reporting obligations for all companies. These reforms aim to reduce administrative burdens on business, particularly for small companies. The review has already delivered legislation which increased the monetary size thresholds for micro, small, medium and large companies, as well as removing low value and duplicative reporting from the Directors’ and Director’s Remuneration Reports. A consultation on future reforms to modernise corporate reporting will be published in due course.
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