George Osborne has today announced his budget, which includes efforts to assist contractors running their own business.

One of the government's plans for growth was to make the UK the best place in Europe to start, fund and expand a business, which includes improved tax incentives for investment in higher risk companies and small to medium-sized enterprises (SMEs) involved in research and development activities.

Mr Osborne also pledged to simplify the tax system, taking forward the Office of Tax Simplification's recommendations. The government intends to look into the integration of income tax and national insurance and axe 43 tax reliefs.

To further encourage enterprising contractors, 11 Enterprise Zones were announced across the country, which will incorporate simplified planning rules, tax breaks for businesses and superfast broadband.

This news follows comments by Martin Lyne, director of SME at T-Mobile, who claimed that contractors and other small businesses wanted to see less red tape and business taxation revealed in the Budget.