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Newsletter issue - November 2017.
HMRC have launched a new service designed to directly help mid-sized businesses as they expand and grow.
The new Growth Support Service (GSS) will be open to some 170,000 mid-sized businesses registered in the UK who are undergoing significant growth, and who either have a turnover of more than £10 million, or more than 20 employees.
Broadly, a business will be eligible under the 'significant growth' criteria if its turnover increased by 20% or more in the last twelve months, where this increase is at least £1 million.
HMRC's GSS tax experts will offer dedicated support, tailored to the customer's needs. It has been created to help growing, mid-sized businesses access specific information and services, including:
- helping with tax queries about the growing business;
- supplying accurate information and co-ordinating technical expertise from across HMRC;
- supporting businesses to get their tax right first time and access relevant incentives or reliefs.
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 deal with tax-related matters. They will not, however, be able to give general business advice, tax planning or tax avoidance advice, or guidance on how businesses should grow.
