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News - 16 May 2014

Public sector to prepare for SME procurement legislation.

The wider public sector should be ready for actions, scheduled to come into effect later this year, which will help the government achieve its goal of spending 25% of central government expenditure on SMEs by 2015.

The changes include breaking contracts down into smaller lots, and allowing companies to bid as long as their annual revenue is twice the value of the deal in question – previously these thresholds were much higher.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“This is great news for SMEs. The legislation will see the abolition of pre-qualification questionnaires for low-value contracts and ensure all opportunities valued more than £10,000 for central government, and £25,000 for other authorities to be published on the government website “Contracts Finder”.”

Speaking at the Public Sector Show in London, Rt Hon Francis Maude MP and minister for the Cabinet Office said the government is doing everything in its power to help British SMEs succeed by “levelling the playing field which was previously stacked against them”.

“Too often in the past, government seemed to be oblivious to the basic needs of SMEs,” he said. “The government can set an example by paying on time.”

“The way in which the public sector goes about buying goods and services can make or break a small business,” said Maude. “But equally, the success of SMEs will make or break Britain’s mounting economic recovery.”

If you need any help and advice for your business on the implications of Government Funding initiatives, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

www.gov.uk/contracts-finder

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business

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