Small business accounts exemption – a poisoned challice

Small businesses  exemption from filing corporate accounts – a double edged sword ?

On the one hand, small businesses tend to welcome, for obvious reasons, any reduction in bureaucracy and “red tape”. On the other hand, the Government’s proposal for exempting businesses with turnover annually of less than £880,000 may reduce the prospects, already difficult, for those same small businesses to raise finance from having to file accounts at Companies House are bound to backfire, suggests research.

A recent survey by Graydon Uk, who are a credit reference company, found that when asking some 400 senior finance staff in small businesses whether the proposal for exemption would assist business a whopping 91% stated that the likely impact would be to make it more difficult to obtain trade credit.

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