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Company annual returns could be scrapped to help businesses

Posted: 12th November 2013   In: Corporate Commercial

The government is proposing to scrap mandatory annual returns to help companies save time and money.

Under company law at present, companies must provide details every year about matters such as the business address, business type, names of directors and information about shareholders and shares.

For most businesses, this information barely changes from one year to the next so submitting an annual return can lead to unnecessary cost and a waste of valuable time. Ministers are now looking at ways to reduce this burden by enabling firms to simply confirm each year that the information held at Companies House is correct, or by updating the information whenever it changes.

The amount of information required may also be reduced.

The government is also looking at measures to:

Business Minister Jo Swinson said: “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 proposals are now being put to public consultation. We shall keep clients informed of developments.

Please contact Jon Alvarez about the issues raised in this article or any aspect of company law.

 

Posted by: Jon Alvarez
Corporate Commercial
Luton Office