HMRC offers support to SMEs bidding for Olympic Games contract

Contractor accountants might like to advise their small business clients that HMRC is offering online advice regarding next year’s Olympic Games.

Later this month, the department will be running an online seminar and it has invited organisations hoping to secure an Olympic contract to attend. The seminar will be available as from the 27th of July and can be downloaded free from the Revenue’s website.

A spokesperson for HMRC said it estimates that in excess of 50,000 contracts will be involved in the Olympic and Paralympic Games and these will be worth around £6 billion. A multitude of sectors are involved, including construction, manufacturing, retail and engineering. Although the majority of events will be taking place in or around London, Coventry, Manchester, Newcastle and Glasgow will be hosting football matches and Weymouth and Portland will host the sailing competitions.

The seminar will offer support and guidance on tax obligations as well as giving advice on how to bid for a contract and how to obtain financial backing from one of the UK’s banks.

Meanwhile, Informed Choices has pointed out that UK contractors need to seek the help of a specialist accountant if they want to keep on top of their bookkeeping.

The firm said that all business operators need to get advice from accountants, solicitors and financial planners when they start up a business.

Martin Bamford, the MD of Informed Choices, explained that online accountants can help make sure client’s annual accounts, bookkeeping records and tax calculations are accurate.

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