ICAEW finds £6bn red tape bill
The ICAEW has warned that red tape is costing British Business around £6bn a year.
The survey based on reports from 1300 accountants found that small businesses are the hardest hit, with 68% of red tape costs falling on the shoulders of businesses employing fewer than 10 people.
Accountants named legislative changes to tax, national insurance, tax credits and pay-as-you-earn tax as the prime sources of red tape.
On average new legislation costs businesses £11,000 a year, the survey found. This took into account regulatory costs of just under £3,000 for the smallest businesses to over £19,000 for those employing more than 250 employees.