Tuesday 23rd September 2014

Surge in compliance costs hits region’s SMEs

Annual compliance costs facing small employers in the East of England have risen by 4.7 per cent over the past year due partly to increases in consultants’ fees , says the Forum of Private Business.

It says compliance with new regulations, including the flexible working practices, will cost the 120,000 small and medium-sized employers in the region a £86 million – or around £715 per company. This takes the estimated cost of compliance for employers in the eastern region up to £1.9 billion, equivalent to £15,800 per firm.

With annual compliance costs rising by almost £90 million, s...

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