Applying for advance assurance under the venture capital schemes can become a drawn out process, straining the relationship with your potential investors. HMRC has launched a new online service for making the application that should cut waiting times. What do you need to know?
The new service is for companies and their authorised agents to complete and submit applications and all supporting documents online, directly to HMRC’s Venture Capital Reliefs team. This includes applications regarding the enterprise investment scheme (EIS) and the seed EIS. The online service is compulsory for advance assurance applications on venture capital trust investments. In its latest agent update, HMRC pointed out the following features:
- the online application can be saved at any stage and returned to within 28 days
- the new service allows supporting documents to be provided as part of the online application, there is no longer a need to email either the application or supporting documents to HMRC
- there is no longer a requirement to complete and submit a scheme specific checklist; and
- a unique application reference will be provided on successful submission of each application.
If your accountant or tax advisor is completing the application for you, a copy of the authorisation to act signed and dated within the previous three months will need to be sent. Using the new service should speed up applications, particularly with the ongoing postal strikes in mind.
This article has been reproduced by kind permission of Indicator – FL Memo Ltd. For details of their tax-saving products please visit www.indicator-flm.co.uk or call 01233 653500.