If you run a medium-sized business, then we have some good news for you. The HMRC has a new service designed to support your business to grow.
There are approximately 170,000 mid-sized businesses registered in the UK. These are include manufacturers, IT and communications companies, administrative and support services, professional, scientific and technical services and those in wholesale and retail.
Up until recently, this size of firm – one which has a turnover of more than £10 million or more than 20 employees – has been largely overlooked by the government, which has focused on giving start-ups, entrepreneurs and small companies the support they need to establish themselves.
But last month the HMRC announced the introduction of “tax support for growing businesses” to directly help mid-sized businesses as they expand and grow. This is to be known as the Growth Support Service.
The Growth Support Service is intended to offer dedicated, tailored support to these growing businesses, offering them access to the information and services they need.
The type of support the HMRC specialists will provide could include:
¥ helping with tax queries
¥ supplying accurate information and coordinating technical expertise from across HMRC
¥ supporting businesses 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 HMRC already operates a customer relations service for large businesses and launched the Small Business Online Forum for small businesses and the self-employed in August.
Want to apply?
If your business meets the eligibility criteria, then you can apply for help from the Growth Support service online.
You will then be contacted by your dedicated growth support specialist at HMRC to discuss your requirements.
It’s worth noting that your growth support specialist can only give you support with tax.
They won’t be able to give you general business or business growth guidance – nor can they advise you on tax planning or avoidance.