HMRC launches Growth Support Service for mid-sized businesses
29th September 2017
Family business owners are well known for their long term thinking, wanting to grow and pass on to the next generation stronger firms. Understanding what impact tax systems and financial incentives and reliefs have on the growth of your business is crucial to this purpose.
To support mid-sized firms in better understanding the tax issues they face and the incentives or reliefs they can claim in periods of growth, HMRC has recently launched the Growth Support Service. The service applies to firms with a turnover of above £10 million or at least 20 employees, and which are experiencing certain types of growth. These include growth in turnover, due to mergers and acquisitions, listing in the stock market, exporting for the first time and other factors.
Through the Growth Support Scheme you will be assigned a dedicated tax specialist, to help you with understanding:
- new tax issues and reporting requirements
- how to get your tax right
- any reporting and governance risks that may be associated with the growth of your business
- how you can access incentives and reliefs
- relevant specialists and guidance.
To find out more about this initiative and whether you are eligible to apply, visit HMRC’s Growth Support Service webpage.