The UK Institute of Credit Management (ICM) has recently launched a petition with Graydon UK. This to prompt the government to re-think plans to exempt micro-business from having to file accounts at the UK Companies House – The institute believes this will seriously hamper the economic recovery rather than encourage it.

CSB Group is in favour of ICM’s initiative. In a recent ICM survey, almost 37% said that they would reject a relatively small order from a business with no accounts available and insist on cash in advance. Another 48% said they would ask the customer to provide financial data to support their application. A mere 15% indicated they would anyway accept the increased risk and trade.

The findings support the view that exempting micro-business from filing accounts is wholly the wrong way of tackling what is relatively simple issue. Businesses should be prepared to provide more information – and not less.

The ICM’s survey followed similar research in June from Graydon UK. This previous research showed 91% of credit and finance professionals believing the proposals would make it harder for small businesses to access trade credit. 87% of respondents believe government’s plans would not help drive business growth.

If you wish to support the petition please click on the following link - http://www.surveymonkey.com/s/8KGN5BH