The VAT threshold is raised from £85,000 to £90,000 from 1 April, taking 28,000 small businesses out of VAT. This was the first increase since April 2017 although at £5,000 it will have limited impact.

The level at which a business can apply for de-registration will increase from £83,000 up to £88,000.

New rules on research and development (R&D) tax relief are also now in force, which saw the merger of the existing SME and large business R&D tax into a single scheme, apart from intensive R&D which is now drawn into a completely new scheme.