The government is still reviewing plans to tighten reporting requirements for small and micro companies, with ministers yet to decide whether to press ahead with rules that would require them to publish profit-and-loss accounts for the first time.
In an interview with The Times, Blair McDougall, the new small business minister, said that “all options are on the table” as officials weigh up the balance between tackling fraud and protecting small firms from unnecessary administrative burdens.
“There are obviously different arguments in terms of the impact on businesses of their exposure, particularly for SMEs, versus people who are worried about financial crime and everything else,” McDougall said. “We’re balancing that at the moment and discussing it.”
Under plans announced by Companies House in June, firms classified as “small” or “micro” would lose the right to file abbreviated accounts from April 2027. Instead, they would have to submit full profit-and-loss statements, revealing revenues and profits.
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