MEP’s welcome for Euro cut in red tape
A EUROPEAN vote in favour of exempting struggling small businesses from producing onerous annual accounts has been welcomed by Teesside MEP Fiona Hall.
Mrs Hall said the vote, which passed almost unnoticed in Brussels yesterday, was a “ray of light” for micro businesses, defined as those with less than a 1m euro turnover, 500,000 euros on the balance and employing no more than 10 staff.
She said more than 16,000 business on Tesside would benefit from the reduction in red tape.
“This is a ray of light for small businesses at a very difficult time. I have been working very closely with the Federation of Small Businesses in the North-east and know how important it is to reduce bureaucratic barriers for small businesses.
“We can be very confident that this proposal would allow many small businesses in the region the breathing space they need in a tough economic environment.
“Under this measure small businesses must still keep records that show the company’s business transactions and their financial situation. That is important to ensure good practice.
“But they would no longer have to keep the same reporting rules as the big companies that have the time and money to produce annual accounts with ease.
“EU governments now have the opportunity to endorse this proposal and give a helping hand to small businesses. I hope our Government will do its best to support it and seize this opportunity to lighten the bureaucratic burden.”
