MEP backs a cut in annual accounts (From The Bolton News)

MEP backs a cut in annual accounts

11:08am Friday 12th March 2010 in

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

Liberal democrat MEP Chris 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.

The MEP says that nearly 90 per cent of businesses would benefit from the reduction in red tape, including 65,295 in the Greater Manchester area.

Mr Davies voted for the measure and said: “Small business will still need to keep accurate accounts but they will spend less time satisfying Government bureaucrats.