The Government is to simplify the UK’s corporate reporting requirements in an effort to reduce the reporting burdens facing firms.
The Government said it will also reduce duplicative reporting burdens for asset managers, in a move which it says should save them over £105m a year.
It claims its reforms could save businesses up to £20,000 per year on average.
The Chancellor is making the changes following recommendations from the Small Business Taskforce which has seen the Government partner with business leaders to identify and reduce the bureaucracy faced by firms.
The changes include streamlining company reporting requirements and extending import tariff suspensions on 250 products. The government will also streamline ONS business surveys to reduce the number of data requests businesses have to fill out.
Chancellor John Healey said: “British firms are fed up with form-filling and pointless paperwork that eats into valuable time and money when they simply want to get on with running their businesses.
“That is why we are cutting unnecessary bureaucracy and giving businesses the breathing space they need to invest, innovate and create good jobs.”
The Government added that the changes formed part of its drive to cut the administrative burden of regulation on businesses by 25% by the end of Parliament.
The Chancellor announced the changes to corporate reporting ahead of today's upcoming Autumn Budget.
The FCA has also cut back on red tape in recent years in a number of moves to ease the regulatory burden.