Counting the cost
A recent study by the Forum of Private Business (FPB) reveals that small businesses in the UK are spending a total of £12bn a year on complying with various regulations and are spending an average of 37 hours a month on compliance.
According to the survey, issues such as dismissals and redundancy, discipline, absence controls and management, parental leave and holidays are costing small businesses £2.4bn a year. Health and safety administration, meanwhile, is costing small businesses £1.2bn a year while tax administration, building and property regulations, and equality and diversity issues are also sources of frustration.
Meanwhile the Federation of Small Businesses (FSB) reports that many businesses are choosing not to expand because of concerns over complex regulations. A survey of its members showed that 27% of those who wanted to expand did not go ahead because they are afraid of tackling the regulations involved. The same survey revealed that half of the businesses planning to downsize or close said their decision was strongly influenced by regulatory burdens.
Getting legal advice to ensure that compliance matters are dealt with effectively can save money in the long term and reduce the risk of creating future problems. If you have any compliance issues you would like to discuss please contact our team at email@example.com