As the budget unfolds today what is there for small businesses.

We all know business has been tough over the last 2-3 years and the ongoing recession has seen a record number of businesses closing but what is the chancellor looking to do to ensure that the backbone of industry in the UK, the small business, not only survives the recession but grows and flourishes as we come out of it.

Here is an overview of what The Budget is doing for small businesses as of 1.30pm on Wednesday 24th March 2010.

1 – Business rates are going to be cut for a year from October 2010, meaning a tax reduction for half a million small businesses in England.

2 – The annual investment allowance will be doubled to help new businesses get off the ground.

3 – Tax relief on capital gains tax increased for entrepreneurs.

4 – Increase by 15% the number of government contracts that go to small to medium sized businesses

5 – A £35 million university enterprise capital fund to support innovation and help graduates set up new companies is announced.

6 – £2.5 billion is pledged as  support for small business to boost skills and innovation

Up to now it all looks a decent budget for small businesses, I would suggest a beer to celebrate but that’s about to go up by 2%.

Oh well, off to fill my car up before the fuel rises by 3p a litre, roll on the £2 a gallon!!!