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  • FIRST POST
    • E&G
    • By E&G 8th Jan 18, 5:01 PM
    • 33Posts
    • 12Thanks
    E&G
    S/EIS and Social Investment Tax Relief
    • #1
    • 8th Jan 18, 5:01 PM
    S/EIS and Social Investment Tax Relief 8th Jan 18 at 5:01 PM
    How long should it take from sending forms away to HMRC until the claim for relief is paid out?
Page 1
    • mostwelcome
    • By mostwelcome 9th Jan 18, 2:10 PM
    • 18 Posts
    • 9 Thanks
    mostwelcome
    • #2
    • 9th Jan 18, 2:10 PM
    • #2
    • 9th Jan 18, 2:10 PM
    Did you ask for it to be paid out, or included in your tax code?

    Assuming the former, in my experience it!!!8217;s anywhere from one to three months
    • E&G
    • By E&G 9th Jan 18, 2:33 PM
    • 33 Posts
    • 12 Thanks
    E&G
    • #3
    • 9th Jan 18, 2:33 PM
    • #3
    • 9th Jan 18, 2:33 PM
    I made a fairly significant investment (by my standards) in an SITR eligible investment prior to Christmas and the paperwork should be landing on my doorstep within the next few weeks. I've previously made a couple of much smaller punts on SEIS and EIS eligible companies through crowdfunding in previous tax years but have never got around to claiming the relief, and plan to do so when I get the SITR application away. In the meantime we decided to move house much sooner than planned and it would be good to get paid out within the next couple of months, so that is encouraging but I'll not budget for it.

    From memory of the S/EIS paperwork I just need to send away the forms that were sent to me, but I've read on the HMRC website that I'd need to do a self-assessment tax return (which I've never done before). Is that the case?

    Thanks again.
    • mostwelcome
    • By mostwelcome 9th Jan 18, 4:52 PM
    • 18 Posts
    • 9 Thanks
    mostwelcome
    • #4
    • 9th Jan 18, 4:52 PM
    • #4
    • 9th Jan 18, 4:52 PM
    You only need to do self-assessment if you want it accounted for right away, i.e. you pay any income tax / NI owed, and they pay any rebate you are owed. Deadline for this is 31 Jan (both for filing, and for you to pay anything due to them) for the 2016-17 tax year.

    If you are PAYE and happy to have it come back through your tax code, you can just return the (S)EIS form with that option ticked, saving you doing a tax return.

    Doing a tax return is no big deal you just register for self assessment on HMRC website. But allow a couple of hours first time round as it will be unfamiliar and you'll no doubt end up squinting at the screen and reading a lot of the 'help' section : )
    Last edited by mostwelcome; 09-01-2018 at 4:53 PM. Reason: add clarification
    • E&G
    • By E&G 9th Jan 18, 5:56 PM
    • 33 Posts
    • 12 Thanks
    E&G
    • #5
    • 9th Jan 18, 5:56 PM
    • #5
    • 9th Jan 18, 5:56 PM
    Thanks that's great.
    • TheTracker
    • By TheTracker 9th Jan 18, 6:40 PM
    • 1,213 Posts
    • 1,198 Thanks
    TheTracker
    • #6
    • 9th Jan 18, 6:40 PM
    • #6
    • 9th Jan 18, 6:40 PM
    Re not getting around to claiming EIS relief. FWIW my understanding is one youíre not eligible for capital gains relief if you didnít claim income tax relief while you held it.
    • E&G
    • By E&G 9th Jan 18, 7:15 PM
    • 33 Posts
    • 12 Thanks
    E&G
    • #7
    • 9th Jan 18, 7:15 PM
    • #7
    • 9th Jan 18, 7:15 PM
    I still hold the "investments". My understanding is that I had up to 5 fiscal years to claim?

    Inverted commas alluding to my thoughts on crowdfunding!
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