Construction companies are to be spared excessive paperwork under reforms to corporate reporting rules launched by the government.

Business Secretary Jonathan Reynolds is vowing to slash “nonsensical” rules which see firms of all sizes forced to produce reams of paperwork for company reports and accounts, says Construction Enquirer.

He said: “No-one goes into business to fill out forms. For years, hardworking firms in this country have been weighed down by pen-pushing paperwork and frustrating costs, ticking boxes that do nothing to help them grow their business.

“We’re stripping back outdated bureaucracy and building a common-sense system fit for a 21st-century economy. This will cut the cost of doing business, giving breathing room to bosses across the country, and free them up to focus on what they do best, creating jobs and growth.”

Consultation will open today on the plans which aim to streamline financial reporting and exempt some medium sized firms from audit.

(Picture: Gov.uk)