May 2008 - Small Business News

If your business is a small company, an accountancy or solicitors, or you are about to form a company; the new Companies Act rules that came into force on April 6^th will affect you. However, many businesses still appear to be unaware of the changes. 

The changes are designed to simplify company law, and other changes will be phased in on 1^st October 2008 and 2009.

Department for Business Minister, Gareth Thomas, said: "The business world doesn't stand still and the law is changing to reflect this. The Companies Act 2006 provides a real step forward in the reform and modernisation of company law. It contains a number of de-regulatory measures and will make the UK an even more attractive place to invest and do business."

The changes were as follows:

• The accounting and reporting requirements for small companies have been brought together into a single set of simpler regulations.
   
• Private companies no longer need to have a company secretary.
   
• The time in which private companies can file their accounts with the Registrar of Companies has been reduced from 10 months to 9.
   
• Also, earlier changes meant that private companies no longer need to hold an Annual General Meeting unless they have opted to do so.

For more information on finance issues visit our Accounting section.