HMRC Services for Small Businesses – Quick Guide

Customer Service

• HMRC Customer Service has been improved with more staff and longer opening hours
• Customer service can be accessed via phone, web chat and Twitter

Small Business Partners

• Small businesses can find business partners through Growth Hubs in England
• All business partners have received small business support packs to support them
• This will help them in partnering up with small businesses to provide them with growth options

Tax Relief

• For advice on tax relief you should consult your tax advisor
• Tax relief known as Entrepreneurs’ relief gives you a 10% Capital Gains tax relief when you sell your business
• Small Business Research and Development Relief is available as tax relief or credit for research and development costs
• Employment Allowance also applies to small business when they employ another member of staff other than themselves
• This tax relief helps small businesses to hire employees especially those under 21 (they are exempt from NICs)

Small Business Investment Schemes

• Online system for small business owners to access some Investment Schemes
• Investment Schemes for small businesses include the Enterprise Investment Scheme, Venture Capital Trust Scheme and Seed Enterprise Investment Scheme
• The Annual Investment Allowance funds small businesses that need capital to invest in new plant and machinery