Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether his Department plans to review the (a) definition of micro-entity and (b) level of support available to mico-entities.

The Government uplifted the monetary thresholds for determining a company is a micro-entity, for the purposes of audit and accounts by 50% in legislation that came into force in April this year. The Department does not plan to revisit this definition.

As part of "Backing Your Business - our Plan for SMEs", the Government is making thriving micro, small, medium-sized businesses a reality through a package of legislative reforms to: tackle late payments; unblock billions in finance to support investment; remove unnecessary red tape; revitalise High Streets; and deliver support for digital and AI adoption through a new Business Growth Service.