HMRC have announced the introduction of a new service “tax support to growing businesses” to directly help mid-sized businesses as they expand and grow. This is to be known as the Growth Support Service.
According to HMRC there are approximately 170,000 mid-sized businesses registered in the UK. The businesses with either a turnover of more than £10 million or more than 20 employees, that are undergoing significant growth, can now seek help from HMRC to access the services they need.
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.’
When it comes to tax support to growing businesses, smaller business can access the Small Business Online Forum.
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