The FPB is calling for a freeze in new business legislation to allow the government to re-assess the burden of red tape. The proposed moratorium would last until the General Election, which is expected to take place in May.
The FPB has also claimed that employment law is the costliest bureaucratic burden, costing small businesses £2.4bn per year. The organisation estimated that Health and safety administration costs £2.1bn and tax £1.8bn per year.
employment law is the costliest bureaucratic burden, costing small businesses £2.4bn per year
"The Government must ensure that regulations are proportionate to their aim. We want departments to get to grips with all the various aspects of the regulatory burden on businesses and a Comprehensive Regulatory Review would provide just that sort of understanding," said Matt Goodman of the FPB.
The FPB's survey also identified a significant level of disenchantment with the current regulatory framework. Just 5% of respondents believe it is beneficial to their business and only 9% said that the current framework is fair, robust and proportionate.
FPB member Jeanie Cartmell, a partner with furniture and fixtures retailer Solihull Supplies said she had been forced to take on an extra employee to help her deal with the burden of legislation.
"It's really difficult to get through everything - it's just very time consuming with all the paperwork. It's so complicated and there's a lot of time spent as a small business just complying to survive," said Mrs Cartmell.