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Making a strong attempt to gain support from small businesses and the self employed, Osborne made some fundamental announcements in the final budget speech before the upcoming general election in May, scrapping annual tax returns, class 2 National Insurance and raising the National Minimum Wage by 20p up to £6.70.

Beginning next year, all paper based tax returns will be abolished and replaced with a digital service that allows for management from computers, mobile phones and tablets. Affecting 11 million people, this will improve the existing costly and time-consuming process by allowing people to make payments when it suits them, save the hassle of collecting receipts and avoid thousands of fines on a yearly basis.

‘We believe people should be working for themselves, not the taxman. Tax really doesn’t have to be taxing and this spells the death of the annual tax return.’

Further to the tax return changes, as of April 2016 Class 2 National Insurance for the self employed will no longer be collected, where those who profit over £5,885 per year are paying £2.75 a week. The abolishment will save the self employed £143 yearly, although higher earners are still expected to pay class 4 contributions.

Additional changes include a “Help to buy ISA”, where every £200 saved for a deposit by first time buyers will be topped by £50 by the government, the new £1 coin and a cut to Corporation Tax in two weeks time.