Growing businesses to benefit from expert tax support
A new service to directly help mid-sized businesses as they expand and grow has been launched by HM Revenue and Customs (HMRC).
There are around 170,000 mid-sized businesses registered in the UK. Those with either a turnover of more than £10m 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 coordinating technical expertise from across HMRC; and
- 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:
- Manufacturing (for example, building, printing or maintenance firms).
- Information and communication (for example, IT or software companies, film makers or publishers).
- Administrative and support services (for example, vehicle hire companies, recruitment agencies or call centres).
- Professional, scientific and technical services (for example, law and accountancy firms or quantity surveyors).
- Wholesale and retail (for example, high street shops, food and drink outlets or car showrooms).