HM Revenue & Customs (HMRC) has unveiled a brand new service for mid-size businesses, which it claims will help growing firms that are eyeing up expansion.
The tax authority’s new Growth Support Service has been launched for businesses with 20 employees or more and a £10 million a year turnover.
Currently, it is estimated that there are around 170,000 such businesses registered in the UK.
Commenting, Mel Stride, Financial Secretary to the Treasury, said: “Mid-sized businesses make a 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.”
Stephen Herring, Head of Taxation at the Institute of Directors (IoD), welcomed the initiative with cautious optimism.
He said: “HMRC are trying to address this very understandable demand from mid-size businesses for a better service that mimics that given by HMRC’s Large Business office to the top businesses. So that’s a good thing.
“There may be an element for there not being complete trust, but despite that, I think that if it’s run properly and the HMRC puts sufficient resources into it then it’s got to be good news.”
