EU plans to exempt Europe's smallest businesses from filing annual accounts have been slammed by a credit expert.
Earlier this week, members of the EU Parliament voted in favour of removing from micro-firms the requirement to submit accounts on a yearly basis. Micro businesses, which make up 75% of all EU companies, are those with less than €500,000 on their balance sheet, a net turnover of less than €1m, and employing an average of 10 people or less.
The vote was welcomed by many with Diana Wallis, MEP for Yorkshire and Humber, describing the removal of red tape as "a ray of light for small businesses at a very difficult time".
But Philip King, chief executive of the Institute of Credit Management, today slammed the decision calling it "utterly absurd".
Dragons' Den judges James Caan and Deborah Meaden and social entrepreneur Karen Darby are some of the successful entrepreneurs who feature in our exclusive videos. 
Join our social media discussion group and share your Twitter username with other BusinessZone members. 
We've got lots of free books to give away; all you've got to do is review them! 
We're putting together a list of business owners' must-haves.