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HMRC offers SMEs Olympics contracts tips

Date Added: 22/07/2011  

Organisations such as those taking company debt advice have been advised by HM Revenue and Customs (HMRC) of the best way to go about putting in an application for one of the many contracts on offer at the Olympics.

London will be hosting the major sporting event next summer and it is believed up to 50,000 jobs could be on offer, giving small to medium-sized enterprises (SMEs) a great chance to pick up some extra business in the coming months.

Sectors involved in the delivery of the Games range from construction, engineering and manufacturing, as well as creative, merchandising and retail.

HMRC pointed out 34 venues around the country will be hosting events as part of the Olympics, meaning there is work for those firms based outside of the capital too.

The contracts are thought to be worth a total of £6 billion, so it could pay for SMEs - even those taking business debt advice - to do all they can to land one of the deals.

HMRC has therefore decided to launch an online webinar that will let companies get advice on what they need to do ahead of bidding for Games contracts.

It will be held on July 27th at 18:00 BST, but those who are not able to participate at that time will be able to catch up at a later date, as it will all be available on the internet.

"The seminar will cover issues such as talking to a bank about financing, ensuring that the right systems are in place to comply with procurement policies and how firms go about making a bid for an Olympic contract," noted HMRC.

"It will also explain how customers can get support and guidance on any tax obligations and entitlements."

HMRC recently revealed it is appointing ten debt collection agencies in a bid to recoup some of the billions of pounds it is owed over the next few years, potentially leaving firms facing a winding up order.

Posted by Julie Cutts

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