Tariff-free imports extended and reporting cut: what the government's red tape package means for small firms

The government announced a package of measures on 23 October 2026 aimed at cutting paperwork and import costs for businesses. HM Treasury says the measures together will save firms almost £800 million a year. Here is what has actually been announced, and what is still to come.

If you import goods

This is the most concrete part of the package.

• Tariff suspensions on more than 250 products, which were due to end on 31 December, are being extended to December 2028. A tariff suspension means the import duty on those goods is not charged. The Treasury puts the saving at up to £155 million a year.
• Suspensions that were due to expire in June 2027 will be extended by six months, to December 2027, while the government reviews whether to extend them further.
• A consultation will run from 11 November to 3 February. Businesses can say which suspensions should continue after 2027 and propose new ones.

If your business imports parts or materials, check whether your goods are on the suspension list, and put the consultation dates in your diary.

Reporting and paperwork

The Treasury says regulatory admin savings will be worth over £600 million a year. The measures named include:

• simpler corporate reporting, which it says could save firms up to £290 million a year;
• clearer, simpler compliance guidance, written with small businesses in mind;
• less duplicate reporting for asset managers;
• a streamlined process for businesses involved in buying and selling homes.

For small businesses

The package also promises:

• standard requirements for bidding for public contracts in sectors such as construction, to make bids simpler;
• fewer and simpler data requests from Office for National Statistics surveys;
• easier-to-find support and guidance on GOV.UK, with a new way to report regulations that feel out of proportion;
• a 'tell us once' approach, so businesses do not have to give government the same information again and again.

What we do not know yet

Most of the reporting measures have no start date yet. The government says full details of the individual savings will be published on GOV.UK on 28 October — the same day as the Autumn Budget. We will report the details when they are published.

Business Secretary Jonathan Reynolds summed up the aim in the announcement: "A baker should be filling pasties, not forms." Whether the package delivers will depend on the detail.