The National Federation Retail Newsagents (NFRN) has welcomed the news that accounting requirements for micro-businesses are to simplified as part of the government’s latest blitz on red tape.

Responding to the announcement from business minister Jo Swinson, NFRN national president Alan Smith said: “Red tape places an unnecessary and unwelcome burden on small businesses and its reduction has been a priority for the NFRN since the coalition came into power.

“We are delighted that the government is seeing sense and is scrapping, merging or simplifying nearly 60 regulations on the running of a company and preparing and filing accounts.

“We particularly welcome the news that companies with less than 10 employees can prepare much reduced annual accounts. As well as reducing costs for NFRN members this will enable them to concentrate on providing their invaluable services to the communities they serve.”

The news was announced by the minister as she unveiled the interim findings of the government’s Company and Commercial Law Red Tape Challenge.