HMRC announces new support for mid-sized businesses
HMRC has used the publication of a new corporate report to announce new support services to the 170,000 mid-sized businesses operating in the UK. These businesses play an important role in developing entrepreneurship and creating new jobs. Mid-sized businesses are defined as those that have a turnover of more than £10 million and/or more than 20 employees. HMRC estimates that 19% of the UK workforce is employed by mid-sized businesses.HRMC plans to add the following services in addition to its existing mid-sized business service offerings:establish a ‘customer forum’ specifically for mid-sized businesses; launch a ‘named contact’ service in June 2017, for businesses experiencing major growth-related events such as mergers and acquisitions, and international expansion;introduce Making Tax Digital (MTD) and work with Companies House to deliver improvements to company registration procedures;develop HMRC’s understanding of businesses to support a level playing field; andimprove published guidance on GOV.UK to be more useful and accessible.In addition, HMRC has commissioned research to better understand how it can support these types of businesses as they grow in size.