Online advance assurance applications now available
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.
Related Topics
-
What concessions can help your business?
HMRC has been taking away a number of VAT concessions that have existed for many years. Why has this happened and what concessions could still be useful for your business?
-
MONTHLY FOCUS: PROVIDING FURTHER TAX-FREE BENEFITS TO EMPLOYEES
In this further examination of tax and NI free benefits. Providing benefits that are exempt from income tax is a great way to reward employees in a tax-efficient way. Which benefits qualify for tax-free treatment?
-
HMRC urges agents to review excepted estates
HMRC is reminding tax agents to review inheritance tax (IHT) returns submitted for excepted estates following changes introduced from 1 January 2025. The warning follows concerns that some estates may have been incorrectly treated under the new rules. What should you check?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.