Companies act

The enterprise bill received royal assent on 4 May 2016, becoming the enterprise act. The act aims to deliver a range of measures to help support businesses.

As of 6 April 2016, all companies and limited liability partnerships must now keep a register of persons with significant control.

It is thought that the government may look at removing, if only temporarily, the autumn pre-Budget Report.

A more in depth look at the Act

Companies are automatically fined if accounts are not submitted on time. Accounts should normally be filed for a private company nine months after the company's accounting reference date.

Auditors are appointed by the members and are accountable to them. As a result it is important that auditors are given the information they consider relevant to the fulfilment of their duty to members.

An auditor of a private company must be appointed for each financial year of the company, unless the directors resolve otherwise on the grounds that audited accounts are unlikely to be required.

Subject to certain exemptions, a company that meets the small company criteria in respect of a financial year is exempt from the requirement to have an audit of accounts for that year.

One of the requirements of the Companies Act is that the approved accounts must include a directors' report