Today's Budget saw a range of measure introduced to help out smaller businesses, but many feel that the government could and should have gone much further, especially when it comes to tax simplifiaction.

'This seems to be largely a Budget of delaying tactics. Rather like the Cheltenham racers, businesses are left waiting in the stalls by today’s announcement,' said Chas Roy-Chowdhury, head of taxation at ACCA. 'We knew what was coming for business, but the Budget still penalises entrepreneurs and SMEs

Richard Collier-Keywood, UK head of tax at PricewaterhouseCoopers, said: 'Today’s Budget will be of some relief to UK business because it contained few major surprises. This was particularly important given the amount of change already in-hand. However, with 270 pages of supplementary Budget notes from HM Treasury, it does not appear that there has been significant progress towards tax simplification.'

'Small businesses need clarity on their tax position and less red tape so that they can focus on their business rather than additional paperwork that might save them very little tax,' said Lisa Macpherson, national director of tax at PKF.

'The tax position for small business has evolved to the point where it is now hugely complex and in danger of becoming incomprehensible, sometimes even to HM Revenue & Customs and the accountancy profession. The Government could shut down tax loop holes far more effectively by simplifying the whole system and creating a level playing field between businesses, sole traders and partnerships rather than adding more regulations and red tape as they seek to shut down practices they regard as evasion.'