PracticeConsultingRed tape hinders plans for job creation in half owner-managed businesses

Red tape hinders plans for job creation in half owner-managed businesses

Almost half of owner-managed businesses say the growing burden of red tape is harming plans for expansion and job creation, according to a survey by Kingston Smith.

The survey revealed 43% of OMBs thought red tape was harmful and companies had little confidence in the government’s pledge to reduce the burden with 92% of firms expecting it to increase over the next 12 months.

Senior partner Michael Snyder said: ‘Small and medium-sized companies clearly view the UK’s red tape burden as a hindrance to job creation and a restraint on growth. Companies are very sceptical as to whether the government’s stated aim to reduce red tape will be translated into reality.

‘The chancellor needs to use the forthcoming Budget to take concrete steps to cut the existing bureaucratic burden on businesses.’

According to Kingston Smith, not only does red tape discourage firms from expanding their workforce, it is also a major factor in encouraging entrepreneurs to get out of business.

Rover blasts German accounting rules as accountant takes the reins

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer