Budget 2000: The main points – small businesses

  • New starting rate of corporation tax to be introduced as planned from 1 April
  • First year capital allowances at 40% on all plant and machinery investment to be retained.
  • Quarterly PAYE scheme to be extended to an additional 40,000 employers.
  • VAT registration threshold up to £52,000.
  • Enterprise Management Incentives to help companies to retain skilled staff.
  • Research and development tax credits available from April 1.100% capital allowances for smaller companies that invest in IT over the next three years.
  • A £60m package to help small firms get online.
  • An extra £50 discount for small employers paying tax credits to their employers.
  • More help on payroll issues.
  • Increase in quarterly payments limit for PAYE.

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