New EU Proposals could aid Limited Company Contractors & Fledgling Recruitment Agencies

EU Commissioner, Michel Barnier, said that \”Today\’s agreement means in practical terms that the balance sheet and profit and loss accounts for these micro-businesses will be pared down to the key elements only. Publication of information will be reduced and simplified to balance sheets only and a one-stop shop. I am confident that this agreement strikes the right balance between the need for simpler procedures and the need for transparency.\”

The Head of Policy at the Recruitment and Employment Confederation, Gillian Econopouly, said that “We welcome the acknowledgement that micro-companies and start ups often struggle to cope with the administrative and financial obligations attached to running a small company, which can detract from their ability to grow a viable business. Our economy needs those with the vision and drive to start their own companies, and the fact that these entrepreneurs may not be accounting experts should not be allowed to deter real innovation. We need to strike a balance between ensuring that companies account for their activities without fettering entrepreneurial spirit through excessive regulation.”

“Hopefully these proposed rules for the smallest companies will prove a positive step towards achieving this. Many recruiters have direct experience of starting their own businesses, and of helping young companies deal with employment regulations as they expand. The REC will be happy to share this expertise with BIS ministers as they work with the European Parliament to take this sensible step forward.\”

Limited Company Contractors and those considering opening a new recruitment agency will no doubt welcome any efforts to reduce red tape and boost productivity. If it is accepted, the directive will pass into law and be applicable to all member states at some point in the future.

Commonwealth Contractors

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