New research from the Federation of Small Businesses (FSB)\u00a0has revealed that small firms spend four days per month sorting through red tape.\r\n\r\nThe survey of\u00a01,685 smaller business owners learnt that they spent\u00a0over\u00a033 hours every month on internal business administration. In addition, the average small business sees around 70 hours of employee time tied up in business admin alone. FSB members\u00a0also spend\u00a0an average of \u00a33,600 on help and advice with tax compliance.\r\n\r\n55 percent of the small business owners surveyed said their company\u2019s growth is being held back by the amount of time they have to dedicate to business administration. 76 percent spend more time than they would like on business compliance, tackling issues ranging from tax, employment law issues and insurance to dealing with workplace pensions, accounting tasks or health and safety issues.\r\n\r\nDave Stallon, commercial director at FSB, commented: \u201cThe Government has pledged to remove \u00a310 billion worth of red tape over the course of this Parliament. FSB welcomes this focus on deregulation, which should free up small business owners to spend more time doing business and creating economic growth.\r\n\r\n\u201cInitiatives like The Red Tape challenge, the \u2018one-in-two-out\u2019 approach to new regulations, and steps to boost the regulatory Policy Committee are all moves in the right direction.\u201d\r\n\r\nSmall businesses and the self-employed will soon have to keep digital tax records and report, on a mandatory basis, electronically every quarter, following an announcement in the Government's 2015 Autumn Statement.