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.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements