EIS SEIS Advance Assurance Guidance
This file provides detailed information on how to apply for EIS and SEIS Advance Assurance from HMRC. It includes the required information and forms needed for a successful application. Companies seeking investors can benefit from this assurance to confirm tax relief eligibility.
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How do I fill this out?
To fill out the application for Advance Assurance, begin by collecting all necessary information about your company. Ensure you have the correct documents and details ready to complete the online form accurately. Once filled, submit the application to HMRC for review.
How to fill out the EIS SEIS Advance Assurance Guidance?
1
Gather your company's registration and tax reference information.
2
Complete the online application form provided by HMRC.
3
Include all necessary documents and details as required.
4
Submit the application and wait for HMRC's response.
5
Follow up on any queries or additional requests from HMRC.
Who needs the EIS SEIS Advance Assurance Guidance?
1
Startups looking for funding through EIS or SEIS.
2
Existing companies planning to raise investment capital.
3
Investors seeking assurance regarding tax relief eligibility.
4
Financial advisors helping clients with share issues.
5
Accountants managing corporate tax affairs.
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What are the instructions for submitting this form?
To submit this form, use the online application found on the HMRC website. Ensure all required documents are uploaded during the submission process. For any queries, you may contact HMRC's Venture Capital Reliefs Team at enterprise.centre@hmrc.gsi.gov.uk or by phone at 0300 123 1083.
What are the important dates for this form in 2024 and 2025?
For EIS and SEIS applications in 2024 and 2025, important dates typically include the start of the tax year on April 6 and the end on April 5 of the following year. Ensure all applications are submitted timely to qualify for relevant fiscal benefits.
What is the purpose of this form?
The purpose of this form is to apply for Advance Assurance under the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS). This assurance confirms that a proposed share issue meets the necessary criteria for tax relief as set by HMRC. Companies can use this documentation to encourage potential investors by demonstrating compliance with tax regulations.
Tell me about this form and its components and fields line-by-line.
- 1. Company Registration Number: The unique identifier for the company's legal registration.
- 2. Corporation Tax Reference: HMRC reference number to track the company's tax affairs.
- 3. Purpose of Funds: Clarification of how the raised capital will be utilized.
- 4. Company Accounts: Recent financial statements demonstrating the company's financial health.
- 5. Memorandum and Articles: The governing documents that define the company's structure and rules.
What happens if I fail to submit this form?
Failing to submit this form can result in missing out on valuable tax reliefs through EIS and SEIS. Without the Advance Assurance, investors may be hesitant to contribute, impacting your fundraising efforts. It's crucial to complete and submit the application correctly and on time.
- Missing Tax Benefits: A lack of assurance could prevent access to tax reliefs that attract investments.
- Investment Hesitation: Investors may not feel inclined to invest without assurance of tax benefits.
- Increased Scrutiny: Incorrect submissions can lead to delays and increased scrutiny from HMRC.
How do I know when to use this form?
- 1. Preparing for Investment: To assure potential investors about tax relief eligibility.
- 2. Compliance Check: When companies need to ensure adherence to HMRC regulations.
- 3. Showcasing Financial Viability: To demonstrate legitimate business activities that attract funding.
Frequently Asked Questions
What is Advance Assurance?
Advance Assurance is HMRC's confirmation that a company's proposed share issue qualifies for EIS or SEIS tax relief.
How long does the application take?
Typically, HMRC takes 4 to 5 weeks to respond, though they aim for a 15 working day turnaround.
Can individuals apply for Advance Assurance?
No, only companies or their agents can submit an application for Advance Assurance.
What information do I need for the application?
You need to provide details like company registration, purpose of funds, and latest accounts.
What if HMRC refuses my application?
HMRC will provide reasons for refusal, and you may revise your application for reconsideration.
Can I rely on an Advance Assurance?
Yes, provided the information is accurate and has not changed since the application.
What happens if my shares are issued before obtaining Assurance?
HMRC will not grant Advance Assurance after shares have already been issued.
Is there an appeal process for refusal?
There is no formal appeal process for refusal, but you can reapply for EIS3 or SEIS3 if eligible.
Can I submit the application by mail?
No, applications must be submitted online through the HMRC portal.
What is the purpose of this form?
The form is used to apply for Advance Assurance, confirming eligibility for EIS or SEIS tax relief.
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