Looks a bit intrusive

[Austin Prefect]

New reporting rules for small companies. Does this mean that if you work through a PSC you have to make your income public?


https://www.gov.uk/government/publications/economi...

[Eric Mc]

Austin Prefect said:

New reporting rules for small companies. Does this mean that if you work through a PSC you have to make your income public?


https://www.gov.uk/government/publications/economi...

Yes.

This is a return to what had been normal disclosure rules pre 1991 before the invention of "Abbreviated/abridged accounts".

[Mandat]

When does this come into effect, and how detailed will the disclosures need to be?

[Eric Mc]

No effective date yet as far as I know. This draft legislation dates back a few years (2023) but had been relegated to the "pending" tray because of other priorities.

The big change will be that small companies would need to submit a semi-detailed profit and loss account. At the moment, all that goes on the public record is a fairly stripped down balance sheet.