This post was originally published on this site.
The latest exclusive article for SMEWeb from Small Business Commissioner Emma Jones CBE. Emma runs the independent public body that tackles late payments and unfair payment practices.
The Department for Business and Trade has launched a Regulation Taskforce that is working to an eight week sprint to identify, and ideally take action, on the rules and regulations that are most holding back small business growth.
Co-chaired by small business minister Blair McDougall and FSB chair, Tina McKenzie MBE, the task of the taskforce is to: “identify priority areas for reform and develop evidence-based recommendations to streamline processes, improve clarity and create a more effective and proportionate regulatory environment for SMEs.”
Workstreams have been identified and accountable individuals appointed to lead them. The streams are:
- Modernising regulatory submissions
- SME friendly approaches to regulatory guidance
- Exploring Regulatory Passporting Initiatives
- Reviewing the SME impact from regulatory enforcement across regulators and local authorities
- Examining what more the government can do to support SMEs to build capability, resource and technology that will help them in achieving tax and regulatory compliance
My role is to ensure the work we are doing around prompt payment is taken into account in view of how getting paid on time reduces friction and boosts cashflow for busy business owners. I am also part of the ‘Regulatory Passporting’ stream with a focus on ensuring joined-up activity when it comes to efforts to create a single company ID in the UK that ‘serves’ small firms what they need as opposed to founders having to figure out what support/compliance/funding is applicable to them.
The end output of the sprint is for taskforce members to produce a report with recommendations as to how the government can reduce the administrative and regulatory burden faced by small businesses, either through regulatory reform or wider change. The Government will then set out its response to these recommendations in the Autumn.
My question to you – can you name a single regulation that is having a detrimental impact on your business? If so, please contact me.
