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News - 25 July 2012

New report on the burden Red Tape.

The 5th Business perceptions Survey 2012, carried out jointly by the National Audit Office (NAO) and the Department for Business Innovation and Skills (BIS) indicates that the burden of regulatory red tape is lifting for UK small businesses (SMEs).

The report states that fewer firms are citing regulatory constraints as a barrier to business this year with more than half of businesses surveyed saying they expect the level of red tape to either stay the same or decrease with 41% of businesses quizzed saying that the current balance of regulations is "just right".

The Coalition Governments red tape strategy includes:

  • Removing or simplify existing regulations that, unnecessarily, impede business growth
  • Reducing overall volume of new regulation by introducing it only as a matter of last resort
  • Improving the quality of new regulation in the pipeline
  • Using targeted and risk-based enforcement inspections, making them less onerous and/or bureaucratic

Tonmoy Kumar, Manager of the Accounts Department of ABDS says:
“According to BIS, a number of initiatives have helped to steer this reduction of red tape, starting with the Enterprise and Regulatory Reform Bill and both the Red Tape Challenge  and Focus on Enforcement campaigns. The Red Tape Challenge alone has focused on garnering SME input on some 21,000 regulations and has attracted nearly 29,000 comments from businesses.”

If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.

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

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