Today's Budget recognises the help needed by your local area such as retail and hospitality, with alcohol duty reduction and reform, 50% rates reduction for 1 year, property improvements not affecting your rates for 1 year, plus money directed to areas such regional theatres, community football pitches, cycling infrastructure, local minor roads and to local councils.

Keeping it local tends to favour small businesses who can now try to build on the support and appreciation received during lockdowns. Remember to increase your prices so your business keeps pace with inflation and remains viable. So, what else should you and your business know from today?

The Chancellor delivered a lot of changes that were relatively favourable to small businesses, but in the background a few important adverse changes were made which seem to be because too much money was leaving the Treasury. This is therefore not a bold post-Brexit Budget. 

The detail behind today's speech offered a lot of new consultations and delayed implementation dates to beyond 2019, which seems to me a 'wait and see' how the Brexit negotiations go before finalising a lot of changes.

The speech itself ended with a grand finale announcing the abolition of stamp duty for first time buyers of residential property purchases up to £300k. 

Today is the last day of the 2016 tax year and you may be interested to hear the most common tax queries our clients have asked during this tax year. Admittedly, it's not too scientific, but we hope it gives you an idea.