THE BUSINESS SECRETARY has pledged to remove the need for accounts filing and audits for tens of thousands of small and medium-sized businesses.
Vince Cable said under the proposals, which the government is consulting on, small companies would no longer need an audit, bringing the UK in line with EU rules. He said this will affect 42,000 businesses.
The government will push for exemptions for even smaller businesses to submit specific accounts for Companies House in addition to those for tax purposes, which the business department predicts could save £400m.
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