Issuing a call for a rethink on how EU regulation impacts UK SMEs, the Institute of Chartered Accountants in England ands Wales [ICAEW] has also set out what it thinks business needs, in response to a Commission Consultation in advance of the EU Small Business Act.
The main concern that all-embracing policies do not take account of the fundamental differences between micro businesses and the top end medium businesses, is supported by the ICAEW Enterprise Survey.
The survey indicates that the cumulative effect of dealing with Health & Safety, Employment law and taxation is a cost to business and the smaller that business, the more disprportionate that is. All this at a time when a higher percentage of small businesses are thinking globally and need not to be held back.
There is a call for evidence-based reform focusing on incomes, communicated easily through consistently applied standards and clear definitions of SMEs - allowing for the variations across Europe’s biggest sector. To this end a ‘micro test’ has been recommended.
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