One week before he delivers his first budget, John Healey confirmed that the government is accepting many of the recommendations from the Small Business Regulatory Taskforce. 

The taskforce, of which ICAEW is a member, was set up in June to understand the real-world impact of regulation on UK small businesses and suggest ways of reducing the administrative burden.

ICAEW members contributed their insights and experience to help shape the taskforce’s recommendations, which include:

• further streamlining company reporting requirements;
• reducing duplicative reporting requirements for asset managers; and
• streamlining the home-buying and selling process. 

The government estimates that the changes will save UK SMEs more than £600m each year. Making the announcement at a meeting with small business leaders at No10 North, the Chancellor and the Prime Minister argued that businesses were being hampered by ‘form filling’.

Healey said: “British firms are fed up with form-filling and pointless paperwork that eats into valuable time and money when they simply want to get on with running their businesses."  

Andy Burnham said: “It’s not right that pointless bureaucracy gets in the way of people working hard to build something that matters to their high street. So we’re getting government off their backs and giving businesses the breathing space to grow.”

Iain Wright, ICAEW’s Chief Policy and Communications Officer, who represented the institute on the taskforce, said he was pleased to have been able to share the views of ICAEW Chartered Accountants.

“Our feedback has shaped this report, particularly on the 'tell government once' principle and measures relating to procurement, which came directly from feedback from members and which we know have been a burden for the businesses they advise,” he said.

“It’s heartening to see that the government has recognised the need to give businesses breathing space to invest, hire and grow. These measures will enable businesses to cut red tape and focus on the day-to-day, and we hope this will be the focus of next week’s budget.”

Tariffs and red tape

According to the Chancellor, UK businesses will benefit from an additional £155m of savings each year through the extension of import tariff suspensions that were due to end on 31 December 2026. The extension will apply to more than 250 products used in industries including chemicals, automotive and food and drink, and will remain in place until December 2028.

While the full details of the ‘red tape’ cutting measures will not be released until the budget on 28 October, the government offered some insights. For example, the statement revealed that the requirement for companies to file profit and loss statements with Companies House, which was due to start in April 2028, is being paused in line with the 'tell government once’ principle. 

It also confirmed that businesses operating as part of a wider national group were set to benefit from reduced reporting requirements by up to £20,000 a year. Meanwhile, small firms bidding for public contracts will find it simpler thanks to standardised requirements.

All firms will see a reduction in the number of data requests they have to fill out from the Office for National Statistics.

Finally, the government has pledged to make it easier for organisations to find support on gov.uk.