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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 and a Limited Company 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

MeasureIntroducedTOTAL 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

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