Potential Budget benefit for SMEs
Alistair Darling's inaugural budget could be good news for small and medium-sized enterprises (SMEs) looking to incorporate more technology into their business.
The chancellor announced yesterday that tax credit enhancement for research and development (R&D) is set to increase from 150 per cent to 175 per cent for SMEs.
With greater tax incentives, it is hoped that more innovation will be attracted into Wales and the rest of the UK from abroad, as well as encouraging businesses in Britain to carry out more R&D in order to develop new technologies.
Mr Darling also noted that in the near future more businesses will come under the SME umbrella following a change in its definition under the Finance Bill 2008.
He pledged that SMEs will be awarded with 30 per cent of public sector contracts over the next five years
Internet design and marketing company Netflare recently carried out research that revealed many small businesses are failing to update their websites or use their web presence to generate sales.
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