HMRC has launched a support service for businesses with a UK turnover above £10m or at least 20 employees.
It highlights that the business ‘may be able’ to get a dedicated specialist to help the business or their agent with tax for a specific period of time if the business is a growing mid-sized business (UK turnover above £10m or at least 20 employees).
It states that the ‘Growth Support Service will appoint a dedicated tax specialist to work with you (or your agent) and help you:
understand any new tax issues and reporting requirements
get your tax right before you file your return
consider reporting and governance risks caused by the growth of your business
access any financial incentives and reliefs you may be eligible for
access other HMRC specialists, services and guidance that are relevant to you.’
It has said that the Service will be available if the business is experiencing the following:
Significant increase in turnover Turnover increased by 20% or more in the last 12 months, where this increase is at least £1m
Mergers and acquisitions – growth-related Combining with, or buying, companies or other business organisations, or their operating units, resulting in growth of the business
Group reorganisation – growth-related Reordering or changing the composition of a group of companies for the purpose of business growth (excludes insolvency)
Listing on stock market Initial and subsequent offerings of shares on any stock exchange for public purchase
Significant introduction of capital Introducing capital that increases the balance sheet total by more than 20% where that capital is at least £1m
Notifying HMRC and submitting a Senior Accounting Officer (SAO) certificate for the first time First time notification of meeting Senior Accounting Officer (SAO) conditions and completion of the first SAO certificate
Making quarterly instalment payments for the first time Paying corporation tax by quarterly instalments for the first time because profits are above the ‘upper limit’
Entering VAT Payments on Account (POA) regime Making VAT Payments on Account for the first time, because in any period of 12 months or less you have a total liability of more than £2.3m
Exporting goods or services for the first time Selling goods or services from the UK to another country for the first time
Establishing a presence in a new territory Setting up a business operation in a new country.