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Plans to cut company filing requirements are unveiled

 

Businesses could benefit from simpler filing requirements as part of Government plans to reduce red tape for the UK’s 3.2 million companies, it has been revealed.

 

Under the proposals, which are the subject of a new consultation document, the requirement to complete and submit a mandatory annual return to Companies House would be scrapped.

 

Rather than complete an annual return each year, companies would instead be able to digitally confirm that the information held by Companies House is correct or update it as and when it changes.

 

The consultation also outlines measures to make it easier to jointly file annual accounts with Companies House and HMRC, along with plans to remove the ‘consent to act’ note which must be submitted when a director is appointed.

 

Other suggestions include giving companies the option to hold their register of directors and shareholders at Companies House, and cutting the time it takes for a company to be struck off the register from six months to around six weeks.

 

The Government hopes the proposed changes will reduce the red tape burden on UK companies, giving them more time to grow the business.

 

Launching the consultation, Business Minister Jo Swinson said: ‘Cutting unnecessary bureaucracy and red tape for businesses will help build a stronger economy. It is only right that as well as doing this we also make sure that the information available on a company is accurate and transparent.

 

‘We’re taking steps that will mean that businesses, pushed for time and money, are not simply filing paperwork for the sake of it. This will mean companies can concentrate on growing their business and creating jobs.’

 

The consultation is open until 22 November and can be viewed here.