The new chancellor, Rishi Sunak, produced his first budget yesterday with some key items for small businesses.

The main areas are as highlighted in an article published by the Federation of Small Businesses that can be found here

The main change was expected around the abolition of entrepreneurs relief and the hoped for removal of changes to IR35.

The good news is that entrepreneurs relief is still with us although with a reduced life time limit down from £10m to £1m.

This will still be good news for a large majority of small businesses.

Sadly, there were no announced changes to IR35 so contractors need to continue with their planning as recently covered in an article by us that can be found here

A welcome announcement was a move to increase access to HMRC time to pay agreements.

This will help those businesses impacted by the recent floods as well as any issues around coronavirus