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Small firms' burden of admin costs UK £4.7bn

Financial expectations

A report has suggested that small firms are wasting 28 hours a week on red tape and, if business owners were able to put this energy into growing the business, an extra £4.7bn could be added to the UK economy. The report from Creative Auto-Enrolment and the Centre for Economic and Business Research said pensions auto-enrolment takes up to 103 days for employers to implement, and warned that this could weigh heavily on a business on top of other administrative tasks. In the survey of 512 businesses, executives said that around 28 hours of an average 41-hour week were frittered away on red tape, administration and day-to-day running of the business.

 

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