Small firms have hit back at new proposals that will force them to file accounts with Companies House, claiming it adds to the already heavy burden of doing business in Britain.
The Government announced that small companies will have to file information on their profits and losses in the same way as larger firms, despite lobbying efforts from business and tech groups.
But small businesses say that the announcement on Tuesday was 'yet another burden' for firms that are already stretched and grappling with higher energy costs and taxes.
Firms will also be required to file their annual accounts via commercial software, removing the option to file abridged accounts, and to provide a strengthened eligibility statement for companies claiming an audit exemption.
The small business minister claimed the plans would 'improve the transparency, accuracy and reliability of data on the companies register'.
