The East Midlands Chamber has expressed support for the government’s forthcoming Small Business Strategy but highlighted concerns over proposed changes to reporting requirements. The strategy, set for release in July, aims to enhance access to finance, address late payments, and streamline business support. However, it may introduce stricter reporting measures, particularly around profit and loss statements, as part of the Economic Crime and Corporate Transparency Act.
The Chamber argues that small and micro-sized businesses, which typically have fewer resources, should be exempt from these additional reporting burdens. The proposed changes could increase paperwork and administrative costs, which could be detrimental to businesses with limited staff and turnover.
Richard Blackmore, Director of Policy and Insight at the East Midlands Chamber, welcomed the broader objectives of the strategy but stressed that any measures adding complexity should be reconsidered. He emphasized the importance of keeping day-to-day operations straightforward for small businesses, particularly during challenging economic times.
