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The government has announced plans to remove the requirement for companies to include a directors’ report as part of their annual accounts.
Micro-entities are already exempted, however, it is intended that the requirement will be removed for all companies, approximately 440,000.
Medium-sized private companies will also be exempted from the requirement to prepare a strategic report as part of their annual report and accounts.
Wholly-owned subsidiaries will also be exempted from preparing a strategic report, provided their disclosures are included in the UK parent company’s annual report and accounts.
Estimates suggest that these changes could save UK businesses in the region of £230 million each year, and legislation to bring about these changes will be introduced as soon as possible.
See: https://www.icaew.com/insights/viewpoints-on-the-news/2025/oct-2025/directors-reports-to-be-scrapped-and-more-companies-exempt-from-strategic-reports
08 Apr 2026
HMRC's large business directorate has doubled the amount of tax revenue it collects, according to the National Audit Office (NAO).
HMRC has taken in over £137 million from late payment interest so far for 2023/24, a freedom of information request from investment platform AJ Bell shows.
We are delighted to share some exciting news with you. We have officially merged with Wilson Partners – bringing our two businesses together to better serve our clients.