Almost 22,000 rules and regulations will be axed by the government according to Mark Prisk, business minister. The rules and regulations will be available on a new website so that the public can give their opinion of the rules and suggestions for improvements. This will help businesses, especially small business, to concentrate on the growth of their company rather than government legislation.
Vince Cable, business secretary, has already promised that smaller companies and new business will not be burdened with some of the new regulations, or have to provide employment flexibility and time off for training. Companies who have less than 250 employees will be permitted to refuse staff time off for training. The regulations will be reviewed after five years, although the government expect the new regulations to be much more effective and cut costs for businesses. The cutting of red tape will help economic growth, leaving businesses free to concentrate on other areas.
As the new regulations are introduced, time will be needed for adjustment in order to comply with new regulations where necessary. This in itself may be burdensome, which is why a small business accountant will be a cost effective measure. An online accountancy will have all the details of new regulations, knowing which apply to your business. Changes in legislation or new regulations can be complicated and if they are not applied could result in penalty charges. Outsourcing all your administration to a small business accountancy will ensure that you are always in compliance, but free to concentrate on other aspects of your business.
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