UK Business Secretary announces plans to reduce paperwork for SMEs

UK Business Secretary Jonathan Reynolds has announced plans to simplify corporate reporting rules to reduce the administrative burden on small and medium-sized enterprises (SMEs). The proposed changes aim to exempt certain small businesses from specific form-filling requirements, a move the Department for Business, Innovation, Science and Trade estimates could save UK businesses approximately £450 million.

The department highlighted the excessive length of current reporting, noting that some annual reports reach 98,000 words, while FTSE 100 companies average 152,000 words. Reynolds stated that the initiative seeks to strip back outdated bureaucracy to allow business owners to focus on growth and job creation rather than paperwork. A formal consultation regarding these plans is scheduled to begin on September 7.