HMRC launch new business support service | Wright Vigar

HMRC launch new business support service

 In Tax Tips

HMRC have launched a new Growth Support Service through which mid-sized businesses undergoing particular types of growth can apply for specialist help with compliance or guidance on reliefs. A mid-sized business is defined as one with a turnover above £10 million and at least 20 employees.

Broadly, a business will be eligible it is experiencing or about to experience one of the following:

– An increase in turnover of 20% in 12 months, where this increase is at least £1million
– Growth related mergers and acquisitions
– Growth related group reorganisations
– Listing on the stock market
– A significant introduction of capital
– Meeting the Senior Accounting Officer conditions for the first time
– Making quarterly instalments for the first time
– Entering the VAT payment on account regime
– Exporting goods or services for the first time
– Setting up a business operation in a new country

The Growth Support Service will appoint a dedicated tax specialist who can help you:
– understand new tax issues and reporting requirements
– access any financial incentives or applicable reliefs
– access other HMRC specialists, service and guidance.

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.

According to HMRC, 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); and
– Wholesale and retail (for example high street shops, food and drink outlets or car showrooms).

It is worth noting that the HMRC growth support specialists will only give support with getting tax reporting correct. They will not be able to give general business advice, tax planning or tax avoidance advice, or guidance on how businesses should grow.

Recent Posts

Start typing and press Enter to search