Plans to cut company filing requirements are unveiled

9 Oct 2013

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.

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