The Government has announced that “thousands of the UK’s fastest growing businesses will be released from reporting requirements and other regulations in the future”. The announcement means that organisations with fewer than 500 employees will be exempt from all new regulations under development as well as those under current and future review. The previous threshold was set at 250 employees because this is what the EU defines as an SME.
The new threshold came into effect on 3 October 2022. We have yet to see what practical implications this will have for employers because as far as we know there are no planned new reporting regulations for employment, but we’ll let you know if that changes.