“Whilst hardly ground-breaking, yesterday’s Budget implemented some measures designed to placate the public, with a number designed to improve business in the UK. A cut in corporation tax to a competitive level, coupled with the expansion of enterprise zones, tax reliefs in certain areas and a reduction in the 50p tax rate to 45p is designed to attract businesses, investment and jobs.

“In line with recommendations by the Office of Tax Simplification, the Government will consult on taxing small businesses, those with a turnover of £77k or less, on the basis of the cash that passes through their businesses and will continue with plans to merge income tax and national insurance. SMEs would have benefited more greatly from a bolder move to cut red tape, but the promise of a simplified tax system is long overdue, however it will take time to see whether these changes will have a significant impact.”