UK Company Size Threshold Changes: Government To Proceed
18th October 2024
The new Labour government has confirmed that it will proceed with significant changes to UK company size thresholds, a proposal made by the previous Conservative government that aimed to reduce the regulatory burden on businesses.
This decision, announced by Jonathan Reynolds MP, Secretary of State for Business and Trade, will see the monetary size thresholds for micro, small, and medium-sized entities increase by approximately 50%. The new thresholds are expected to come into force on 6 April 2025 and are scheduled to be laid before parliament before the end of the calendar year.
Looking ahead, the Department of Business and Trade will launch a detailed consultation on the Future of Corporate Reporting next year. This consultation will focus on simplifying and modernising non-financial reporting to better meet the needs of businesses and investors. The proposals for medium-sized entities will be considered as part of this broader review.
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