Red Tape Challenge Interim Results
Business Minister Jo Swinson this week announced the interim results of the government’s Red Tape Challenge.
Following the theme of company and commerical law, the Red Tape Challenge has moved its spotlight from general regulations and planning to business and commerce.
120 regulations have been looked at in this particular part of the challenge and the Government asked for views to be expressed on whether the particular aspects of law needed to be simplified, improved or even scrapped.
In the interim announcement, 115 regulations have been dealt with so far and the current opinion is that 37 regulations will be scrapped and another 20 will either be simplified or improved.
Swinson said of the interim results:
“Businesses told us just how time-consuming some of the form filling is and how the rules they have to abide by are completely redundant. We have heard them loud and clear and are now taking action. We are always trying to make sure that companies can get on with what they’re supposed to be doing – running a business and creating jobs to help make the economy stronger.”
Two further consultations have been launched as part of the review, with the Government to look at regulation into Company & Business Names and simpler financial reporting for micro businesses.
Both aspects of business law have been seen as needing further scrutiny in order to reduce their complexity and ease the burden on business. Simpler finance for micro businesses, those with fewer than 10 employees, will affect 1.2 million UK businesses.
This proposal will look into ensuring that micro businesses prepare a much reduced annual accounts filing. (See more at Simpler Financial Reporting for Micro-entities)
The Company and Business Names consultation will look at measures to simplify the regulations fpr displaying their company or business name at their premises, on paper or online.
Micro small businesses have until the 22nd of March to respond to the simpler financial reporting call and all businesses have until the 22nd of May to contact the Government regarding changes to the naming laws.