What are the main points from George Osborne’s 2013 Budget that effect small business in the UK:

• From 1 April 2015 all corporations will pay 20% tax
• From 1 April 2014 all businesses will receive an annual allowance of £2,000 to offset against employer’s class 1 national insurance contribution
• The introduction of cash accounting for small businesses, more on this in a later blog
• HMRC will try to simplify the collection of class 2 national insurance contributions for the self-employed
• Personal tax allowance to be £10,000 from 5 April 2014
• Basic rate tax limit will be reduced, again, to £31,865 from 5 April 2014
• Directors loans to increase from £5,000 to £10,000 without becoming a beneficial loan
• VAT threshold increased to £79,000 from 1 April 2013 and deregistration limit £77,000