As part of its move to reduce ‘red tape’ and aid business growth, the government has announced plans to remove the requirement for companies to include a directors’ report as part of their annual accounts.
Micro-entities are already exempted from the requirement to include a directors’ report in their accounts; however, it is intended that the requirement will be removed for all companies. It is estimated that this will affect approximately 440,000 companies.
Medium-sized private companies will also be exempted from the requirement to prepare a strategic report as part of their annual report and accounts.
Wholly-owned subsidiaries will also be exempted from preparing a strategic report, provided their disclosures are included in the UK parent company’s annual report and accounts.
Estimates suggest that these changes could save UK businesses in the region of £230 million each year, and legislation to bring about these changes will be introduced as soon as possible.
The Competition and Markets Authority (CMA) has announced a set of proposed commitments from Apple and Google that could make it easier for UK businesses that rely on app stores to reach their customers.
The Disclosure and Barring Service (DBS) has launched a new weekly podcast series, ‘DBS discussions: Safeguarding in Focus,’ aimed at employers, HR teams and anyone working in safeguarding.
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