Date: 02/07/2019 | Corporate & Commercial, Business & Professional Services
The proposals, under the guise of making the UK a “good” place to do business will, if implemented, significantly increase the compliance burden for all private companies and their professional advisers.
The proposals include:
The Business Minister, Kelly Tollhurst, said
“The reforms will support the fight against the use of dirty money in the UK and enhance protections for entrepreneurs and directors from criminal activity.”
Whilst that’s a worthy aim, these proposals would, if implemented in their current form, make many things which are currently simple for companies to do much more complex and significantly more expensive. The information required to be provided to Companies House would significantly increase and many more government agencies will have access to it. The government needs to find a way to ensure that for the vast majority of law abiding private companies the burden of compliance with all this additional red tape does not discourage corporate activity for the sake of what appears in many cases to be political box ticking.
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