Some 78% of UK small businesses are concerned about the quantity of regulation, with almost half (46%) saying they are very concerned, according to a new survey from the Association of Chartered Certified Accountants (ACCA) and Certified General Accountants Association of Canada (CGA).
The Managing Regulation: SMEs and Accountants' Perspectives report found that keeping up-to-date with business regulations, coping with their complexity and funding the associated costs of red tape are major concerns for the majority of small businesses.
However, despite their concerns about regulatory issues, 69% of respondents believed those linked to taxation were reasonable, with 73% answering the same for payroll regulations, and 78% for environmental and health and safety issues.
Small businesses were less pleased with employment regulations though. Some 55.5% of respondents said they were reasonable, much less than were pleased with other regulatory issues.
The aspect of regulation of least concern for respondents was timing, with just 19% saying they’re very concerned about it. Just 10% claimed to be not at all concerned about timing.
The report also revealed that three quarters (75%) of respondents had received regulatory advice from an external source, such as an accountant, in the last year.
Head of ACCA's Small Business Unit professor Robin Jarvis, said: “What appears to annoy small businesses most is the sheer complexity and quantity of regulations – they understand that many rules have their place, but it is how they are delivered and handed-down to businesses that is the real cause for concern."
