UK reversal of Companies House reforms may affect SMEs
This sudden policy shift is likely to impact SMEs' accounting practices.
This shift has been acknowledged by Meg Ogunsola, global director of Entity Management Solutions at Vistra, as a significant reminder of the difficulties in implementing new regulations that are both practical and protective for businesses.
Ogunsola emphasises the importance of smaller firms working with knowledgeable partners to manage the uncertainty of evolving regulations and maintain compliance without undue hardship.
Despite the potential reversal, she supports the measures under the Economic Crime and Corporate Transparency Act (ECCTA).
She also cautions businesses to prepare for the mandatory ID verification for directors, PSCs, and LLP members, which is expected to be enforced this autumn.
Meg Ogunsola said: "The Government's potential U-turn on Companies House reforms for filing rules highlights the complexity of drafting and introducing regulations, and the tricky balancing act of protecting and overburdening firms. These complexities demonstrate the need for companies, particularly smaller ones, to partner with suppliers that can help them navigate regulatory uncertainty, reduce operational strain, and support compliance.'
She added: "Despite this change, the ECCTA remains critical in the UK's fight against fraud, and with mandatory ID verification coming into force this autumn, businesses must act now to ensure they are prepared."
"UK reversal of Companies House reforms may affect SMEs" was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
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