A consultation this month by the Department for Business, Innovation and Skills (BIS) could lead to changes in filing requirements to Companies House for limited company-contractors.
The consultation includes a number of proposals to reform the filing requirements placed on businesses to limit the administration burden placed on them.
Among the proposals, BIS suggests that information usually submitted as part of the company annual return, including the address and type of business, names of directors, shareholders and shares could be scrapped. Companies would instead have the option of either updating information as and when it actually changes, or simply confirming that these details are still correct from previous years, when filing their annual return online.
BIS has stated that the proposed changes would be aimed at cutting the time and resources spent by businesses on tasks not related to their everyday work, freeing up more time for the company to contribute to the economy..
Business minister Jo Swinson, who hopes that the changes would help businesses that are often pushed for time and money said: “This will mean companies can concentrate on growing their business and creating jobs. It is only right that as well as doing this we also make sure that the information available on a company is accurate and transparent.”
Other proposals include improvements to online filing systems so that companies can jointly submit their annual accounts with Companies House and HMRC, as well as requesting an email address from all new companies, to make communicating with government departments quicker and easier.
Further proposals being considered are to cut the time needed for a business to be struck off the register at Companies House – which currently takes six months, which could be reduced to six weeks in certain circumstances.
If you would like more information on the proposed changes to company filing requirememnts please contact our commercial team on 01206 835230 or [email protected].