Having had a little time to review the Chancellors budget (not my favourite weekend activity) it looks like overall, it was a bit of a missed opportunity. While the borrowing figures of £175 billion (and that’s just this year) with £173 billion next year, are enough to make me feel a bit giddy. There’s the news that economy is going to shrink by 3.5% to digest too…

With such big borrowing sums being bandied about, its small wonder that there’s small support for our small businesses.

Missing in action was a reduction of employers’ National Insurance contribution rate and tighter government control over bank charges(which would have been nice!).

There was no extension of VAT reduction to 15 per cent for a further 12 months and there were only a few real high points.

1. Main capital allowance has doubled to 40%, which is helpful for those of us investing, as we all know that cashflow is the numbero uno in the priorities list, particularly in a recession.

2. An extension of the three year carry back means that loss-making businesses can reclaim tax on profits made in the last three years, this should help lots of small businesses.

3. Business rates: The spread of uplift is a positive move for small businesses.

4. VAT threshold increased: While the extension of the reduction didn’t happen, the raising of the threshold to £68,000 at least means that many small businesses will fall outside the VAT bracket.

5. The introduction of a top-up supply chain insurance to help companies protect themselves against non-payment.

But there were also some nasty surprises for those of us wondering why we do in fact bother?

1. The 2p rise on fuel duty – this always has an impact on costs somewhere down the line.

2. No change to corporation tax rates with the rise from 20-21% remaining in place;

So if we cast our minds back as to why we did set up in business… if it was for the long hours and ever present responsibility, the learning how to steer a sometimes unmanageable ship in difficult waters, or the satisfaction of knowing that our bank is receiving good returns on their oh so reasonable charges….. or maybe it was because we just love giving the opportunity to the government through our employment of our staff, to increase the tax aspect of the PAYE and NI and add some more paperwork?

If, however it was to be successful and be recompensed for our hard work, then you have to wonder if the opportunity to earn, which is a stimulant for most entrepreneurs is going to seem as bright if the government is going to reserve the right to take nearly 60% in tax and NI when we do….

Ok so there aren’t many directors of small businesses who earn over £150,000 but it’s a nice dream….!

So thanks Mr Darling, but not that much !