Companies Act - FSB welcomes implementation plans

The Federation of Small Businesses has welcomed the announcement of a timetable for the implementation of the Companies Act, which will simplify procedures with Companies House for small businesses.

The announcement by Margaret Hodge MP, Industry and Regions Minister, that the timetable will be locked in to existing common commencement dates is a welcome one because it should mean that small businesses are not taken by surprise by the new rules.

But the FSB emphasised that it is vital that good and timely guidance is provided, ideally through Companies House, so that small businesses know what is required of them and also what potential benefits it could bring them - they do not have standalone departments to work this out for them as bigger businesses do.

You can view the Companies Act Implementation Timetable on Bytestart - here.

Mike Cherry, FSB Financial Affairs Chairman, said:

“The Companies Act is a welcome piece of legislation, which should make formal procedures simpler and less burdensome for small businesses.

“The smallest businesses in particular have been crying out for reform of unnecessary and out-dated company laws.

“It is important for the Government to get the implementation and timing of this right, but the signs so far are encouraging. It is equally important that implementation of the deregulatory measures happens sooner, rather than later, so that the benefits can have maximum impact.”