HMRC to host Q&A session for start-ups

POSTED: 21st February 2013
IN: Business news

Tax affairs can be a difficult issue for small and medium-sized enterprises (SMEs) to get to grips with but HM Revenue and Customs (HMRC) is aiming to help start-ups with the process.

undefinedAccording to a statement issued by HMRC, the office will be offering a week-long questions and answers session on the social networking site Twitter between February 25th and March 1st.

This is will provide a simple platform for small firms to get in touch with the tax office on complex matters including National Insurance, keeping records and VAT registration.

HMRC will also address queries related to topics including starting up a limited company, which will be helpful for budding entrepreneurs, and Pay-As-You-Earn Real Time Information. 

It will be easy for SMEs with a Twitter account to take part in the Q&A session as all they need to do is follow @HMRCgovuk and use the hashtag #biztaxhelp to get involved.

"Small businesses and start-ups are the life blood of the economy," said David Gauke, exchequer secretary to the Treasury.

"HMRC is dedicated to reducing the burden on small businesses and making the tax system simpler, more efficient and fairer. This interactive week will offer support and help to new and growing businesses in an innovative way."

One topic small firms might like to broach is capital allowance, which can be claimed on expenditures including plant and machinery, as well as buildings and renovations.

As HMRC explains, the aim of capital allowance is to enable tax relief for the reduction in value of qualifying assets that an SME buys and owns for business use, allowing it to write off the cost against the taxable income of the business.

Sole traders, the self-employed and partnerships may be eligible for capital allowance, as well as organisations and companies that are liable for corporation tax. 

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