The Small Business, Enterprise and Employment Act
In March 2015 The Small Business, Enterprise and Employment Act received Royal Assent. The implementation of the act will be rolled out in stages, with some parts already in effect.
The key objectives of the new Act are as follows:
- Reducing Red Tape for small businesses operating in the United Kingdom
- Improve the quality of information available on the public ledger
- Enhance corporate transparency
The above points encompass a wide range of measures designed to enhance the UKs reputation as a leading place to do business in terms of transparency and fairness. All UK companies will be affected to some degree as the Act will change the legal requirements for companies in terms of what information they must file with Companies House and the systems and processes needed to communicate and retain key information.
The changes with the most impact will be implemented at the later stage. The following is a schedule of the key changes and a summary.
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