The Federation of Small Businesses (FSB) has announced its support for the recently-announced timetable for implementing the Companies Act 2006.

Under the new timetable, outlined by Margaret Hodge MP, the act will be implemented in accordance with existing commencement dates.

However, the FSB cautioned that it was important to ensure small businesses received adequate and prompt guidance.

"The Companies Act is a welcome piece of legislation, which should make formal procedures simpler and less burdensome," said Mike Cherry, financial affairs chairman for the FSB.

"It is important . to get the implementation and timing of this right, but the signs so far are encouraging," he added.

Receiving Royal Assent in November 2006, the Companies Act 2006 is the longest in British history so far and will replace the Companies Act 1985.