Good news for small business owners in Britain and Europe. The new Czech presidency is preparing to tear up the notorious red tape mountain of the EU.

Under new plans, small firms would be required to file only one set of reports and accounts, rather than having to submit information to several government agencies.

SMEs would also be able to conduct business operations across borders without having to register subsidiaries in those countries.

Small firms would also be given new rights to ensure their bills are paid on time.

It seems the Czechs are a shot in the arm for European small businesses.