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120 laws and regulations go under the spotlight

Over the next three weeks, entrepreneurs are invited to submit suggestions for how a set of 120 laws regulations can be improved, simplified or abolished.

“I’m open to new ideas to simplify, merge or discard additional rules that will enable firms to do business with more confidence,” says business minister Edward Davey. 

“The feedback we receive will allow us to build on the Companies Act 2006 to look at areas such as the audit regime to assist SMEs as well as the approach to filing documents at Companies House.”

Examples of areas open for comment include: 

  • Internal workings of companies and partnerships, such as rules on shares and share capital, the requirement to hold information at business premises and rules on meetings and resolutions
  • Accounts and returns, such as the content, form and auditing requirements of financial accounts and other reports
  • The rules covering company names
  • Disclosure of company information, such as the regulations covering the information companies must supply to the official register

Commenting on the proposals, Baker Tilly’s Danielle Stewart says the Red Tape Challenge is a good opportunity for small businesses:

“As a practicing chartered accountant, I’ve often seen smaller businesses struggle with the weight and complexity of bureaucracy applicable to them. 

“We already have a “think small first” approach to company law, but the Red Tape Challenge represents an opportunity to go the final mile towards ensuring that every aspect of regulation applicable to UK companies is necessary, appropriate and as efficient as it can be.”

Entrepreneurs who wish to feed back on the Red Tape Challenge can access the portal here.

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