We believe the option to file abridged accounts should continue to be available to small/micro entities. When a company is small/micro we believe there is no benefit to commercially sensitive information, such as the profit and loss account, to be made public.
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The proposed changes to UK Company Law could mean:
- Small businesses will struggle to obtain credit to grow
- Small businesses will have less power in tender processes
- Employees will be able to make assumptions about their pay
- Customers bullying small businesses into cheaper rates/favourable payment terms knowing their business is a substantial % of their revenue
- That for a sole director company this will be akin to having their payslips available for anyone to look up