| GROWING BUSINESSES TO BENEFIT FROM EXPERT TAX SUPPORT
September 22nd, 2017.
A new service to directly help mid-sized businesses as they expand and grow, has been launched this week by HM Revenue and Customs (HMRC).
There are around 170,000 mid-sized businesses registered in the UK. Businesses with either a turnover of more than £10 million or more than 20 employees, and undergoing significant growth, can now seek expert help from HMRC growth support specialists.
Known as the Growth Support Service, HMRC tax experts will offer dedicated support, tailored to the customer’s needs. It has been created to help growing, mid-sized businesses access the information and services they need.
This could include:
- helping with tax queries about their growing business
- supplying accurate information and co-ordinating technical expertise from across HMRC
- supporting them to get their tax right first time and access relevant incentives or reliefs
The Financial Secretary to the Treasury Mel Stride said: "Mid-sized businesses make vital contribution to the UK economy and I want to see them grow, succeed and prosper.
"The Growth Support Service will help these expanding businesses access tailored tax assistance so that tax administration doesn’t stand in the way of their growth and ensures businesses can focus on finding new opportunities."
Businesses who meet the eligibility requirements can apply online; they will then be contacted by their dedicated growth support specialist at HMRC, to discuss their requirements. The bespoke service will generally last between three to six months.
The top five industries and sectors that could benefit from the Growth Support Service are:
1. Manufacturing (for example building, printing or maintenance firms)
2. Information and communication (for example IT or software companies, film-makers or publishers)
3. Administrative and support services (for example vehicle hire companies, recruitment agencies or call centres)
4. Professional, scientific and technical services (for example law and accountancy firms or quantity surveyors)
5. Wholesale and retail (for example high street shops, food and drink outlets or car showrooms)
The introduction of the service demonstrates HMRC’s continued commitment to support UK businesses get their tax right. In addition to the existing customer relations service for large businesses; last month, the department launched the Small Business Online Forum for small businesses and the self-employed.
For further information and online application form CLICK HERE.