Necessarily a muted Budget, as the Chancellor had little room for manoeuvre, but there were a couple of surprises to keep us interested!

National Insurance £2,000 Credit - from April 2014

Giving a £2,000 credit from April 2014 against employer's national insurance is a welcome initiative which may encourage small businesses to take on some staff.

With its tax reliefs improving over recent years, Research & Development claims should be given more attention.

For SMEs, when you spend £100 on R&D, your corporation tax is not only reduced by the £100 you've spent, but also by an additional £125, taking the total deduction against your company bill to £225.

If you're paying 20% corporation tax, you've saved additional tax of £25 (£125 @ 20%), taking total tax saved to £45 (£225 @ 20%).

Timing is everything for these sole traders and limited companies.

Where a small B2C business is having a bad time, usually on the high street, their turnover may now be lower than in the past and under the VAT threshold of £77k over the last 12 months.

De registering for VAT is very tempting as it either improves your margins, or allows you to price more competitively, or a mixture of both.

We are seeing lots of examples of companies being set up incorrectly.

Incorporation agents and companies house let you set up your company without many checks and balances.

Here are 8 things you need to know: