Azets

The Government has pledged to cut administrative regulatory costs for SMEs by 25%, simplify licensing and modernise corporate reporting requirements.

But Yorkshire business advisory and accountancy firm  Azets says SMEs have heard similar promises before – and are still waiting to feel the benefits. 

From duplicative forms to delays in licensing decisions, regulation continues to eat into SME productivity.

Azets says reforms must be felt on the ground, not just in policy documents, if the UK is to be the best place to start and grow a business.  

The “Backing Your Business” strategy includes regulatory streamlining measures designed to make life easier for SMEs.

Azets – which has offices in Bradford, Leeds and York – says success should be measured by whether owners see a real reduction in time spent on compliance. 

Peter Gallanagh, UK chief executive  at Azets, said: “We’ve been here before – ‘cutting red tape’ sounds great, but SMEs will judge it on delivery.”

He added: “The Government’s plans to cut regulatory reform for SMEs are well-intentioned and ambitious, and welcome in the current business climate, which has resulted in SMEs worrying about future rainy days rather than investing any funds they have built up in going for growth.

“However, we have heard countless pledges to lighten the administrative regulatory load on SMEs from successive administrations over the years, and the most recent from the Government need to translate into tangible outputs for businesses for ambition to become reality.

“Fewer duplicative forms, faster licensing, simpler tax processes, and regulation proportionate to business size will all be signs that the Government’s reforms have worked and their ambitions are being achieved – and will be reflected in business confidence and business and economic growth.”