This is a whole story unto itself. I (and a bunch of other small-site operators) actually got the chance to ask Ofcom directly about how small a site would have to be to declare itself out-of-scope of part 3/5 services, and in short: the law doesn't specify, Ofcom declines to say, and it could be as small as "a one-man band". Ofcom has indicated that they're interested in pursuing aggressive enforcement against small service providers (read: web sites). I wound up concluding that the forum I help run could be defensibly out-of-scope, but aphyr.com gets significantly more traffic, and I'm trying to limit risks.
I think in total I spent something like 80 hours reading the legislation, working through thousands of pages of Ofcom guidance, and corresponding with Ofcom trying to figure out whether and how compliance was feasible.