HMRC launched a scheme 8 months ago (September 2017) called the Growth Support Service. The service was set up to provide advice from a dedicated tax expert to British Companies with a turnover of more than £10m or more than 20 employees. It is estimated that there are 170,000 such companies.
The intention of the scheme is to ensure that tax issues do not stand in the way of companies achieving growth.
However, companies of this size will need an audit and therefore will engage the services of an auditor/accountant. Many will probably also have in house expertise and knowledge. Therefore, you may be wondering how successful this scheme would be. In terms of 170,000 companies, how many would actually use the service?
Well, under a freedom of information request, it can be revealed that HMRC’s Growth Support Service has received 14 applications during this 8 month period.
In the meantime, we struggle with HMRC not being able to tell the difference between companies with similar names.
Onwards and upwards….
NB if you are interested in HMRC’s Growth Support Service, details can be found here.