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Business group welcomes plans to reduce company reporting requirements

The Institute of Directors (IoD) has welcomed Government plans to reduce company reporting requirements, which it says will be of particular benefit to small and medium-sized companies.

Responding to a recent Government consultation on simplifying the filing process and removing duplication, the IoD argued that many smaller companies can find dealing with the existing annual reporting requirements a challenge, especially as they often lack administrative resources.

Dr Roger Barker, Director of Corporate Governance at the IoD, commented, ‘In a digital age, the requirement for all companies to submit an annual return to Companies House looks increasingly outdated. Companies should be able to update their information online in real-time. The challenge for Companies House is to deliver a cost-effective online platform that makes it easy to submit and access company information’.

The IoD has also called on the Government to take action to resolve the problem of inaccurate or disputed information held on the UK company register, without the need to resort to legal action.