Full page ads in national newspapers last week by charities and pressure groups, one reading "I don't know how I'll put food on the table for my boys if this cut goes ahead", have help frame up the main narrative surrounding George Osborne's summer budget on Wednesday.

Most of the surrounding column space and air-time is likely to be devoted to the promised, but so far unspecified £12bn of Tory welfare cuts, specifically what proportion of that sum that will be chiselled from the UK's £24.2bn housing benefit bill, and the £30bn spent annually on tax credits and child tax credits which top up the income of the low-waged.

Other social spending, such as pensions, pensioner benefits and disability living alliance are thought to be out of the firing line, but if that proves not to be the case, the narrative of Osborne as vindictive ideologue will become overwhelming.

While the disposable income of the sector of the population most likely to spend their cash consuming their products and services is a major concern to companies, welfare cuts are unlikely to be the main focus of business attention on Wednesday.

Even after five years in No. 11, much of the business "constituency" remains wary of Osborne, not necessarily because they think him a callous monster, but because they see him as an over-political tinkerer, a kind of mirror image of his predecessor Gordon Brown, now seen by many as the main author of a self-defeatingly complex tax apparatus, inimical to trade and investment.

The alternative business narrative behind the so-called "emergency budget" is this: Will Osborne use the Conservatives' surprisingly strong mandate to implement sweeping reforms to simplify the tax system in a way that benefits everyone?

And politically, the trick for him is to produce reforms that boost business but that even the Labour and SNP opposition will struggle to present as tantamount to tax relief on top hats and tail coats, living up to his promise to "deliver on the commitments we have made to working people".

"[This budget] will continue with the balanced plan we have to deal with our debts, invest in our health service and reform welfare to make work pay". Osborne said back in May.

"But there will also be a laser-like focus on making our economy more productive so we raise living standards across our country.

"We're going to put Britain into good shape for the long term."

Thus it is that Osborne's first non-Lib Dem-influenced budget is being seen as a defining, even historical, moment in the life of the Cameron government.

Moves towards the liberalisation of the pension system and stamp duty reforms have shown the 44-year-old non-economics graduate (he studied history at Oxford) to have simplifying instincts, while the ending of compulsion to buy annuities was a mostly well-received and radical transfer of responsibility from the state to the individual, albeit with ample scope for backfiring in future years.

The Chancellor is not short of advice. He is being encouraged to bite the hand that fed the Tories election victory with a shakedown of the grey pound: Ending pension tax relief, or lowering the amount that can be taken as a tax-free lump sum, would be following in the tradition of Brown's notorious 1997 "stealth" move on pension firms dividends. It would end the rich persons' benefit, simplify the system and allow a wider distribution of assets.

All occupants of his Treasury office, including self-consciously reforming ones like Nigel Lawson and Gordon Brown, proceed by trial and error. Some of Osborne's first term efforts, including moves to incentivise employment and growth outside of London have failed, albeit less conspicuously than the great pasty tax debacle of 2012.

But outside the area of deficit reduction, there is a lot of pressure on the chancellor to take an axe to the knots and complications of the tax system.

Priorities include bringing the rates and thresholds of income tax and national insurance into line, a first step towards merging the base and the rate structures, ensuring that those with the same income pay the same income tax,

Osborne is also being urged to simplify taxes on saving, giving equal treatment across asset classes and different savings vehicles.

A bolder move that might help Osborne by driving welfare cuts off the front pages is the potential abolition of "non-dom" status, an anomaly that allows rich and super-rich individuals to escape tax by virtue of some hereditary quirk in their nationality status. Blatantly unfair, it is also politically toxic and to consign it to history might not raise billions (as many non-doms would simply become non-resident), it would be a popular gesture that had the added advantage of stealing the clothes from the out-for-the-count body of the Labour Party. What, if you are George Osborne, is not to like about that?

Do the right thing: Advice for Osborne's big day.

Andy Willox, policy convenor FSB Scotland:

We've urged the Chancellor to press ahead with moves to simplify business taxation while improving investment incentives for firms.

While our research shows rising small business confidence, we've got to ensure that all parts of Scotland and the UK benefit from growth. The FSB's submission calls for the introduction of a universal service obligation (USO) for broadband - underlining our belief that every community deserves to benefit from the growth of the digital economy. This obligation would help Scottish firms especially as digital connectivity north of the border is poor in comparison to England.

Lastly, we continue to make the case for a business finance market which works for the small firms. We need to see a larger number of operators competing for ordinary small businesses' custom.

David Watt, executive director of IoD Scotland:

The Chancellor has the opportunity to deliver an investment-boosting budget, making it easier for businesses to raise capital and promoting investment in the private sector. The painfully complex system of unreliable allowances and competing or overlapping schemes makes it harder for businesses to take long-term investment decisions. For individuals, the process of investing is daunting, meaning many do not even consider it an option.

The IoD is calling on George Osborne to create an 'equity economy', by making sure the tax system promotes investment and is easy for both individuals and businesses to understand. The priorities must be a consultation on merging capital taxes, raising the Annual Investment Allowance and creating a single personal tax relief for business investment.

The Chancellor is right to take seriously his responsibility to consolidate the public finances, but he also has the opportunity to kick-start a big change in behaviour and give more people a stake in the real economy. The focus for the next five years must be on building an entrepreneurial and dynamic economy that not only creates wealth but spreads it as widely as possible.

David Lonsdale, chief executive, Scottish Retail Consortium:

Lower prices in shops and at the petrol pump and a more optimistic outlook for jobs and wages growth have yet to translate into increased consumer spending at shop tills in Scotland. Retailers will be looking to the Chancellor in his Summer Budget to prioritise measures which will bolster disposable incomes and help consumer spending take wing, such as reducing income tax for lower earners. We also need to see firmer action to assist the industry to invest, with a far tighter grip on government-influenced costs under their control such as business rates, charges and regulation.

Neil Lovatt, product director, Scottish Friendly:

For better or worse the Government is planning on making cuts. If the axe has to fall, we would much rather it be on those that can afford it the most. While we strongly support encouraging people to save for retirement, restricting pension tax relief to the basic rate will raise billions, largely from the middle and upper classes who can better afford it.

At the same time we would like to see the Budget focus on incentives to save and invest for those struggling on lower disposable incomes. Our research shows the average disposable income per person in the UK is presently just £55 a week. If the Government was inclined to tackle the issues of rising energy costs and lack of affordable housing, particularly in the South East, then they might find that increased disposable incomes will help nurture economic growth.

This Budget, as in the past, may focus on cutting income tax as a way of stimulating economic growth. However, it is debatable whether this tactic is actually successful.

Jonathan Isaby, chief executive, TaxPayers' Alliance:

It's time for an end to the gimmicks and the tinkering. The Chancellor has been given a mandate to eliminate the deficit, and he must crack on with it - that means radical changes to Whitehall, welfare reform, and driving down on public sector inefficiency.

George Osborne must also resist the urge to match our over-spending with too-high taxes. There are worrying rumours of an increase in fuel duty, which would hit families across the country who rely on their cars to take children to school and themselves to work. Deficit elimination should be achieved through spending reductions, not tax hikes.

Garry Clark, Scottish Chambers of Commerce:

We approached the Chancellor's Budget in March looking for action on oil and gas taxation, air passenger duty and VAT. Four months later and these remain key issues for businesses in Scotland. The oil and gas tax reduction announced in March was extremely welcome but oil prices have not yet rebounded significantly and more needs to be done to secure and incentivise exploration. Devolution of APD is contained in the Scotland Bill but an acceleration of this process would deliver real early benefits to Scotland's businesses. In addition, businesses in the tourism sector are crying out for a reduction in VAT similar to that enjoyed by their European competitors to maintain Scotland's position as an attractive tourist destination.