business red tape

Small Businesses Waste Four Days a Month Dealing With Red Tape

Small Businesses Waste Four Days a Month Dealing With Red Tape

Over half of all small business owners admit red tape is restricting their growth with enterprises wasting four days a month dealing with compulsory administrative work, according to a report from the Federation of Small Businesses (FSB). The survey revealed that two-thirds of smaller businesses say administrative burdens are preventing them from focusing on their primary purpose with three-quarters of business owners spending more time than they would like on business compliance. Worryingly, the figures suggest that red tape is not just costing businesses time, but also money, as smaller firms spend an average £3,600 on tax compliance advice. Other overly- bureaucratic barriers to growth include issues around employment laws, insurance, workplace pensions, accounting tasks and health and ... »

Small Businesses Missing Out on Business Rate Exemptions

Small Businesses Missing Out on Business Rate Exemptions

Only 55% of small companies are aware of small business rate relief, the latest Owner Managed Business (OMB) Barometer from Bank of Cyprus UK has reported – meaning nearly half of all small firms are missing out on tapered relief of up to 100%. The small business rate relief policy means that until the end of March 2016, small firms with non-domestic properties that are valued between £6,000 and £12,000 are eligible for reduced business rates, and businesses with properties that have a rateable value under £6,000 are completely exempt. The policy was introduced by the government in order to double rate relief for the small business community – a measure that over a third of the barometer’s respondents called for – yet 45% of company owners stated in the OMB’s survey that they had never hea... »