small company reform - Dec 2005

The DTI have published a White Paper on Company Law Reform. The aim of this is to make company law more accessible to small companies without being too restrictive.

Two of the potential changes are:

• the requirement for a private company to have a company secretary to be abolished
• the deadline for a private company to file annual accounts at Companies House to be reduced from 10 months to 7 months

The deadline for filing accounts is being advanced to reflect the improvements in technology, particularly the use of computer based accounts packages and the increased rate that information becomes out of date.

The expected date that these potential changes will be introduced, if agreed, is currently 2007.

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