Two million businesses using online tax services

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Online tax services have been embraced by two million UK firms

A significant milestone has been reached by HMRC, with two million UK businesses now signed up to online tax services in the UK.

Financial secretary to the Treasury David Gauke visited Leeds this week to meet with a range of local business owners and discuss the considerable benefits companies of all sizes can reap by taking part in the government's Your Tax Account scheme, which launched last May.

It allows businesses to access all the information and services they require to effectively manage their taxation responsibilities through a safe, secure and convenient online portal.

The scheme has been designed to help companies save both time and money - commodities that are each extremely precious in the modern business world.

Marking this significant milestone, Mr Gauke said: "Small and local businesses are the backbone of our economy, and the government is working hard to create the right conditions for them to prosper."

In addition to highlighting the support being offered to UK firms through Your Tax Account, the minister also highlighted the more than £1 billion in new measures to bolster UK business prosperity that were announced by the government in December.

These included a £500 business rate discount for high street retail, food and drink businesses with a rateable value of below £50,000 - expected to be of benefit to around 30,000 smaller high street businesses across the country.

Meanwhile, a cap on the future rise in the business rates multiplier will benefit all companies in the coming years, while 575,000 of the UK's smallest operators have received a doubling of their small business rate relief for a further year to March 31st 2016. 

Overall, companies across the country are benefiting from the government's focus on driving a sustained economic recovery at present, although more can always be done to help hard-pressed businesses during what remains a difficult time for many firms.