Vince Cable, the business secretary, announced recently that small businesses will no longer have to have independently audited accounts.
In future small companies will simply have to produce one simplified set of accounts which will result in a saving estimated at 400M.
Mr Cable commented:
“It’s important that we free small firms up so they can grow and drive the economy. The changes I have announced today mean that small firms will be able to concentrate on growing and taking on more people instead of paperwork.”
