30 November 2017
HMRC have launched a new service designed to directly help medium-sized businesses as they develop and grow.
The new Growth Support Service (GSS) will be open to around 170,000 mid-sized businesses registered in the UK who are undergoing significant growth, and have either 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 business’s needs. The support service has been designed to help growing, mid-sized businesses access specific information and services, including:
- giving assistance 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 providing access to relevant incentives or reliefs.
Businesses which meet the eligibility requirements can apply online and will then be contacted by their dedicated growth support specialist at HMRC to discuss their requirements. The bespoke service will generally last between three and six months.
It is important that a growing business receives relevant and timely tax guidance and we would welcome any assistance from HMRC that enables this. However, it is worth noting that HMRC’s growth support specialists will only deal with tax-related matters. They will not be able to offer general business advice, tax planning or guidance on how businesses should grow.
A good tax adviser will always consider the broader commercial aspects of any question they are posed. An understanding of the commercial context can often uncover a more tax efficient alternative. So, if you a facing a period of growth in your business and would like to discuss tax advice tailored to your situation please contact your usual UHY adviser or fill out our contact form here.