The ICAEW is calling for the governments to speed up the process of its Anderson review in order to improve advice to small companies.
The Anderson review calls for improving advice to small companies, but the institute believes it could have gone further to help SMEs during the downturn.
Issued at the beginning of the year, it revealed that three quarters of SMEs struggle to find information about which regulations apply to their business and that nearly half don't have any source of advice for regulation.
The ICAEW's Enterprise Survey often reveals that health and safety and employment regulation are among the areas small businesses find the most challenging, with 53% of UK businesses finding that the regulatory and taxation environment in the UK is not business-friendly.
Recommendations laid out in the Anderson review include a thorough assessment of www.business.gov.uk, and a tailored, insured advice helpline on employment and health and safety regulations that provide free access for SMEs for one year from first point of contact.
Clive Lewis, head of SME Issues at the ICAEW, said: 'Until businesses can fully trust and rely on government guidance they will continue to seek advice from their own advisers.'
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