HMRC contact programme with Mid-Size Construction firms over pandemic impact

HMRC will be looking to contact businesses who fall within the definition of a Mid-sized Business (MSB), so it is likely that certain MSB clients will receive contact from HMRC seeking their views on the effect of the pandemic on their business.

HMRC defines an MSB as a business with:

  • a UK turnover of over £10million and/or
  • 20 or more employees (but which ultimately does not fall within the category of Large Business)

According to the recent article published in HMRC’s Agent Update issue 80 , HMRC have stated that they are committed to helping businesses get the assistance and support they need about tax matters. In particular, they are keen to gain a better understanding of how COVID-19 has impacted the construction industry.

HMRC will be writing to MSBs or their agents within the construction industry, to seek their views on the following areas to enable HMRC to target their support accordingly:

  • how has the business been affected by COVID-19?
  • has the business been able to find the guidance needed?
  • what are the biggest changes that have had to be made to the business?
  • has the use of technology increased, for example electronic invoicing?
  • has social distancing impacted on the ability of the business to work?
  • has project financing been affected, for example lenders pulling out of contracts?
  • what is the outlook for the future for the business?

Whilst it is not yet clear what level of ‘support’ might be on offer, any additional assistance could have a positive impact the construction sector going forward.

If you act for a business within construction that meets the definition of an MSB and would like to discuss these issues further, please feel free to contact The Guild.

 

GuildHUB is an information resource, provided free of charge by The Guild, for accounting professionals and their clients.  If you wish to contact The Guild, please email contact@trusttheguild.com.

The content of this article is for guidance only and shall not constitute advice. Please seek independent advice or contact GuildHUB for information about its services.

BUSINESS ADVISORY
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Richard Clutterbuck
11/2020
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