Government lifts accounting requirements for small firms

COMPANIES with fewer than 10 employees will be allowed to file much reduced annual accounts, under plans unveiled yesterday by business minister Jo Swinson.

As part of the coalition’s latest round of cuts to red tape there will also be fewer regulations on the use of company names on official documents.

Archaic rules restricting the use of words such as ‘Accredited’, ‘British’, ‘Group’, ‘International’, ‘Benevolent’, ‘Holding’, ‘Institute’, and ‘University’ in company names will also be lifted.

“Businesses told us just how time consuming some of the form filling is and how the rules they have to abide by are completely redundant,” Lib Dem Swinson said. “We have heard them loud and clear and are now taking action.”