R&D tax relief is about offsetting the costs incurred on R&D by either reducing your corporation tax bill, or receiving cash rebates if you are a loss-making SME. The majority of companies who claim R&D relief are hi-tech businesses – software developers, specialist manufacturers or biotech companies – although many other types of company may indeed qualify for relief.

Enhancements to the Enterprise Investment Scheme (EIS) is one of the most useful policies introduced in the 2011 Budget – for business owners and tax payers looking to shelter their income from the current 50% tax rate.

Every Budget is a difficult balancing act but we really wouldn’t like to be in George Osborne’s shoes when he decides what measures to take on Wednesday. Obviously no one has a crystal ball, but these are the changes we expect next week and we can understand why he’s making them.

When tax planning it is very important to give equal consideration to business and personal tax affairs. Taking a ‘holistic’ approach may sound a bit ‘airy-fairy’ but it makes a very concrete difference between incurring tax unnecessarily and paying the legal minimum.