EU help for small businesses

Date published: 10 March 2010

MEP Chris Davies is calling for small businesses to be freed from the bureaucratic burden of having to produce annual accounts. 

Mr Davies says the requirement serves no good purpose and its removal will have no effect upon the tax that must be paid.

The European Parliament has voted to simplify procedures for businesses with a turnover of less than £1 million or employing fewer than 10 people.

Now there is a call for Europe-wide legislation to be introduced to put the measure into effect.

Nearly 90% of businesses would benefit from the reduction in red tape including 65,295 in Greater Manchester. 

Mr Davies voted for the measure and said: “A small family business shouldn’t have to follow the same accounting rules as BT or Barclays.

“Small business will still need to keep accurate accounts but they will spend less time satisfying Government bureaucrats.

“Now we need the UK Government to get behind this idea and set small businesses free to create jobs and wealth and push forward the economic recovery.”