Changes to Department for Business (DfB) regulations mean that small firms may soon be able to file their financial positions to Companies House and HM Revenue & Customs in one single document.
The DfB said that the trading statement could replace a profit and loss account, and a simplified "statement of position" could be filed in the place of a balance sheet, which would not be required to list variable assets such as stocks.
It is thought that more than 3.5 million self-employed traders and companies employing fewer than ten staff will benefit from the new reporting regulations.
The review has been welcomed by small business owners and their accountants. Clive Lewis, from the Institute of Chartered Accountants in England and Wales, explained, "Initiatives that can reduce the regulatory burden for smaller businesses are especially important in the current climate."
The paper issued by the DfB with the announcement of the new rules, suggested that trade creditors did "not rely on" existing published information, and that personal relationships with those small businesses to which they extended credit were more important.
Chief executive of the Institute of Credit Management, Phillip King, had reservations, however, and said that it is not something that his body's members were particularly keen on. 
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