As a business centre for small enterprises and start up operations we like to post on topics that are of concern to our studio and small office occupants. This week the chancellor  George Osborne  revealed the 2016 budget and described it a  budget that backs businesses’.

Here are the key business policies announced this week in the 2016 Budget and what they might mean for your small business or start up. They included reforms to the business tax system, rate relief  also what were described as “tax breaks for the digital age”.

Below are 12 key small business policies in the 2016 budget that might impact you.

New tax-free allowances for the sharing economy

Unexpectedly the government said it will be introducing two new tax-free allowances of £1,000. One allowance will be for selling goods or providing services the other for income on any property you own. These will come into effect from April 2017.

Cuts to business rates

The chancellor announced that small business rate relief will double from £6,000 to £12,000 starting from April 2017. This means that small businesses in a property with a rateable value of £12,000 or less will pay no business rates. Further to this there will be a tapered business rate relief on properties worth up to £15,000.

Reductions to Corporation Tax and Capital Gains Tax

Corporation Tax is set to fall by 3% from the current 20% to 17% again by April 2020. The chancellor also said that higher rate Capital Gains Tax will drop from 28% to 20% from April 2016. The basic rate Capital Gains Tax is dropping from 18% to 10%.

Class 2 NICs for self-employed to be scrapped

Starting in April 2018, Class 2 National Insurance Contributions (NICs) for self-employed people are going to be ended. This means that self employed individuals will only need to pay one type of National Insurance (Class 4 NICs)and this will only apply if you making a profit in excess of £5,965 pa.

 Frozen Fuel Duty

If transport forms part of your business then you will benefit from the continued freeze in fuel duty.

Extension of Entrepreneurs’ Relief

The extension of Entrepreneurs’ Relief will be a boost for small businesses that are looking to raise money.  To encourage investment in unlisted companies Osbourne has added a further£10m of relief on top of the existing limits.

Stamp Duty reform

The chancellor will be cutting the tax for many small businesses who wish to make a property purchase. There will be reforms of  Stamp Duty Land Tax on non-residential property transactions which will office or work spaces.

If you are based in London or in the northern regions of the UK you may well benefit from some of the infrastructure measures in the budget There will be investments of  £60m for the HS3 rail project and £80m to be invested in Crossrail for London. Shortened journey times can be a real business benefit.

You can find the full 2016 budget details here