{"id":328085,"date":"2025-12-21T12:06:23","date_gmt":"2025-12-21T12:06:23","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/328085\/"},"modified":"2025-12-21T12:06:23","modified_gmt":"2025-12-21T12:06:23","slug":"acca-calls-for-holistic-review-of-uk-business-regulation","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/328085\/","title":{"rendered":"ACCA calls for holistic review of UK business regulation"},"content":{"rendered":"


\n The ACCA pointed to the \u201ccomplexity of the UK tax system\u201d and urged for finalisation of long overdue legislation for establishing the ARGA. Credit: Visuals6x\/Shutterstock.com. <\/p>\n

The Association of Chartered Certified Accountants (ACCA) has called on UK politicians and regulators to take a\u00a0\u201cholistic\u201d\u00a0approach to\u00a0business regulation reform.\u00a0<\/p>\n

According to the ACCA,\u00a0the cumulative regulatory burden\u00a0is a significant challenge for businesses, particularly small enterprises.\u00a0\u00a0<\/p>\n

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In its response to a government consultation on business red tape entitled \u2018Unlocking business: Reform driven by you\u2019, the organisation stated that calls for feedback focused on individual pieces of regulation, but do not capture the wider problem faced by companies.<\/p>\n

Among its recommendations, the ACCA puts forward a \u201cone-minus-two\u201d policy, wherein\u00a0with each new\u00a0business\u00a0law introduced, two unnecessary\u00a0laws should be removed.\u00a0\u00a0<\/p>\n

The association also proposed\u00a0regular reviews after implementation to determine whether regulations\u00a0remain\u00a0relevant and effective as circumstances change.\u00a0<\/p>\n

ACCA UK\u00a0head of Technical and Strategic Engagement\u00a0Glenn Collins\u00a0said: \u201cACCA recognises the vital role regulation plays in underpinning the UK\u2019s reputation as a trusted place to do business. A strong, modern, institutional and legislative framework is key to ensuring the UK reaches its full potential.\u00a0<\/p>\n

\u2018Regulation can build confidence through transparency and trust.\u00a0However,\u00a0when regulation is outdated or ineffective, the resulting costs, burdens and unintended consequences must be addressed.\u201d\u00a0<\/p>\n

The ACCA\u00a0stated\u00a0that\u00a0there\u00a0are\u00a0regulatory\u00a0areas that could be improved through modernisation or a review of their current effectiveness.\u00a0<\/p>\n

It\u00a0also\u00a0pointed\u00a0to the\u00a0\u201ccomplexity of the UK tax\u00a0system\u201d\u00a0and urged for\u00a0finalisation of\u00a0long overdue\u00a0legislation\u00a0for establishing\u00a0the Audit, Reporting and Governance Authority (ARGA).\u00a0\u00a0<\/p>\n

The ACCA\u2019s\u00a0other\u00a0suggestions include enabling better data sharing between regulators, which would allow businesses to avoid\u00a0repeatedly submitting\u00a0identical information; developing AI legislation that sets an international standard; and reviewing 2018 data protection laws for potential improvements.\u00a0<\/p>\n

ACCA UK\u00a0Policy and Insights\u00a0regional lead\u00a0Joe Fitzsimons\u00a0said:\u00a0\u201cACCA members span every sector and size of organisation, from micro-businesses to global firms. As trusted advisors to business, they see first-hand how the cumulative burden of regulation erodes confidence, creates\u00a0complexity\u00a0and drives costly compliance errors.\u201d\u00a0<\/p>\n

The government now has a chance to address the persistent issue of inadequate regulation and\u00a0establish\u00a0a framework that fosters business growth,\u00a0stated\u00a0the ACCA.\u00a0<\/p>\n

Earlier\u00a0this month, the ACCA\u00a0reported survey results<\/a>\u00a0indicating\u00a0that eight out of ten finance professionals in the UK expect\u00a0the recent Budget\u00a0to\u00a0\u201cnegatively impact\u201d economic growth.<\/p>\n

The survey collected responses from those working with or within small and medium-sized enterprises.\u00a0<\/p>\n

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