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News - 15 July 2003
Small businesses are missing tax breaks on IT purchases
According to a new report a large proportion of small firms in the UK are unaware of tax breaks on IT purchases and are missing the opportuity to make significant savings. Research by Microsoft’s small business division bCentral.co.uk shows that almost 90% of SME managers are unaware of the measures unveiled by Chancellor Gordon Brown earlier in the year.
In his 2003 Budget, Gordon Brown extended a scheme giving 100 per cent first-year tax relief on information and communication technology (ICT) investments, including website development. The scheme is due to end in April 2004.
Businesses are eligible if they have a turnover below £2.8m a year and assets below £1.4m, or fewer than 50 employees. For further information visit http://www.j4b.co.uk/J4Blaunch.asp?nid=QRY1081Z3P on the j4b web site.
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