According to a survey published yesterday by the Forum of Private Business, and featuring in a number of today’s newspapers, the cost of administering tax is now the greatest regulatory burden for small business owners in the UK.
The FPB’s 2009 Cost of Compliance survey found employment law the mostly costly area of red tape, followed by health and safety law in second and tax third. But two years on the Forum’s members put tax top, with an extrapolated compliance burden of £5.1 billion for small business, followed by employment law (£4.2 billion) and health and safety (£3.8 billion).
The survey also found that Forum members estimate they have missed out on business opportunities worth £29.8 billion due to the time and resources they spend on dealing with regulation.
You can read the FPB’s press release in full here, and see coverage in the Telegraph, Mail and Accountancy.
A separate survey, by unbiased.co.uk, has found that 21% of small business owners say accountants are the most valuable source of advice when it comes to running their business. 48% said their accountant had saved them money in the long-term and 47% said their accountant had helped them make sense of the UK's complicated tax system.
CIOT External Relations Manager
Tuesday 26 July 2011