Fewer barriers, greater clarity and higher trust
Making the UK a fairer place to do business
Measures to reduce red tape and ensure that the UK is seen as a trusted and fair place to do business are rolling out over the next 18 months. For most businesses, the measures will mean changes to their systems and processes and to what and how they report to Companies House.
Why are the changes happening?
The Small Business, Enterprise and Employment Act 2015 is designed to make the United Kingdom a more attractive place to start, finance and grow a business by reducing the barriers that many small businesses face in their drive to innovate, grow and compete.
It will enhance transparency by improving the quality of financial information available on small businesses via Companies House.
Who does it affect?
The Act is large and wide-ranging, covering a number of topics from access to finance, the Pubs Code, public sector procurement, insolvency and corporate transparency.
Limited Liability partnerships are the only organisations currently excluded from the act, but future legislation is likely to change this.
It is currently expected that changes will be implemented in three stages to enable businesses to adjust. Those with the highest impact will be delivered in the final stage.
For more information on what changes are expected to happen when, please see our INFOGRAPHIC.
If you’d like help understanding how this affects your business, please contact Adrian Le Roux.