Red Tape Statistics in Small Business
So, What if Your Self Employed?
If you are self-employed, legislation is more favourable to you than it would be if you were a limited company. Visit our article on the difference between a Sole Trader or Limited Company?: The Difference for a more detailed coverage.
Being self-employed still requires you to buy a weekly National Insurance stamp but preparing tax forms has been made easier since the introduction of the Self Assessment procedure. It is therefore important for all those self-employed that you keep receipts and invoices to reflect the figures that you have stated on your tax forms.
You can still off-set expenses against income and accountants are keen to take on such tasks for a few hundred pounds per year.
See table Below
Statistics: The Cost of Red Tape
| Measure | Introduced | TOTAL Cost £ by May 02 |
|
Data Protection Directive |
1998 |
3.1bn |
|
Working Time Directive |
1998 |
7.65bn |
|
National Minimum Wage |
1999 |
674.5m |
|
Time off for Studying/Training |
1999 |
273m |
|
Fire-precaution Regulations |
1999 |
50m |
|
European Works Council |
1999 |
43m |
|
Ordinary Maternity Leave |
1999 |
7.4m |
|
Additional Maternity Leave |
1999 |
50m |
|
Parental Leave |
1999 |
62.2m |
|
Extended to Births before Dec 99 |
2001 |
22.5m |
|
Time off for Family/Domestic Problems |
2000 |
20m |
|
Trade Union Recognition |
2000 |
7.8m |
|
Disputes or Grievance |
2000 |
4.5m |
|
Part Time Workers Directive |
2000 |
306m |
|
Working Families Tax Credit |
2000 |
262.8m |
|
Student Loan Repayment |
2000 |
255.8m |
|
IR 35 |
2000 |
523.5m |
|
Reg. of Investigatory Power Acts I & 2 |
2000 |
40m |
|
Disability Discrimination |
2000 |
364m |
|
EU Pollution Directive 98/69/EC |
2001 |
1.6bn |
|
Stakeholder Pensions & Welfare Reform |
2001 |
314m |
| TOTAL: | 15.06bn | |
Source: British Chambers of Commerce
Relevant Articles
- Business Failure - Return of the Bad Old Days: Causes of business failure
- VAT - Value Added Tax: How to register, completing VAT forms, and more…
- National Insurance Contributions: Working out the contributions and general information
- Abbreviated Accounts for Small Companies: What they contain
- Working Families Tax Credits: Figures for tax credits
- Stakeholder Pensions: What they are and who should provide them
- Sole Trader or Limited Company?: The Difference: The differences
- Self Assessment: What they are and how to complete them
- PAYE in Small Businesses The basics explained
- Income Tax : Current rates
Article Index
- Red Tape Statistics in Small Business
- Red Tape For The Self-employed
- Related Articles
