UK businesses that have a turnover of more than £10 million, or have more than 20 employees, can register for the scheme. According to HMRC, there are 170,000 mid-sized businesses registered in the UK.
The Growth Support Service will offer dedicated support from HMRC tax experts, tailored to the customer’s needs. This will include help with tax queries, providing technical expertise and help accessing relevant incentives or reliefs.
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.”
Businesses that meet the eligibility requirements can apply online; a dedicated growth support specialist at HMRC will then contact them to discuss their needs and support will be offered for between three and six months.
HMRC says that five sectors in particular could benefit from the Growth Support Service. These are:
- Manufacturing;
- Information and communication, including IT firms, film-makers and publishers;
- Administrative and support services;
- Professional, scientific and technical services, including law firms, surveyors and accountancy firms;
- Wholesale and retail.
