SEIS tax affairs

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  • You probably don't. You'll have to apply for one online.

    Go to the self assessment page and navigate to the form for requesting self assessment. In the form, just state you need to file for seis relief and they should provide one within a couple of weeks.

  • I got Alliotts to help me out and they were brilliant - eis relief london

  • So, if you're PAYE do I fill out the form they sent me and return to HMRC or do I complete an online self-assessment form?

    If anyone has done this already could they assist by detailing the steps taken on here?

  • if you've already told the HMRC that you need to self-assess, you need to complete the form online by the 31st Jan, or incur penalties.
    If you haven't, you can defer your SEIS relief until next year. I would recommend that course of action as it's pretty late in the game now to get registered/activated on HMRC to self assess for this year.
    If you have registered to self assess and have not yet done so, you will have gotten a letter through the post reminding you to do it by the 31st Jan. Follow the steps in that letter to get your activation code etc - do this now, as it takes up to 7 days to get your activation code.
    In the meantime, gather together all of your relevant information (P60s, any interest from bank accounts, SEIS form, etc).
    Once you have everything together and have your activation you can do your return. Mine was very straightforward (single employer, PAYE, a few other investments) and took about 15 minutes to complete. Just follow the instructions really.

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  • I've only just applied to register for self assessment so I guess it won't come through this year? Will it then defer to next year automatically or do I have to tell them this year? It says you can claim relief for any investment back 5 years.

  • When I applied to register for self assessment, I got the email below.

    Thank you for your application to register as Self Assessment, received by us on X/Y/ZZ. We will contact you again if we need any further information. Once we have processed your registration we will issue form SA250 which will confirm your Unique Taxpayer Reference (UTR) number and other relevant information. This process can take up to 6 to 8 weeks.

    i'm not sure whether just applying to register for SA triggers a requirement to file a return in that year (12-13 in this case). it's not clear from their site.

    It might be worth contacting them ASAP to see if you're expected to file for self assessment this year (12-13) or not.
    http://search2.hmrc.gov.uk/kb5/hmrc/cont­actus/view.page?record=OILdX1VAnlM

  • So, if you're PAYE do I fill out the form they sent me and return to HMRC or do I complete an online self-assessment form?

    If anyone has done this already could they assist by detailing the steps taken on here?

    see post #3

  • I've only just applied to register for self assessment so I guess it won't come through this year?

    Call them. If you've left it late to apply and all of your codes haven't come through you can sometimes get an extension and then file your return in the next 3 months (don't hold me to the time period... or anything for that matter). Either way they will tell you. Always take shit loads of notes and email them to yourself every time you speak to the Revenue.

    Will it then defer to next year automatically or do I have to tell them this year? It says you can claim relief for any investment back 5 years.

    Usually you (or your accountant) choose what year you want to allocate losses - it won't happen by default.

    If you think about it there may be some instances where you want to keep your losses for another year. What did you earn this year, will you be getting a larger bonus next year, will you have additional/less sources of income this year/next year...etc...etc....?

    If you're talking about a small sum then it probably won't make a great deal of difference, but obviously it all depends on your circumstances.

    Also it's worth noting that for all their faults the Revenue's guidance notes are usually pretty helpful so always remember to read them.

  • So; after a colossal fuckup on the part of HMRC, i've finally been allowed to submit my tax return today.

    I'm confused though... i entered all the necessary details for the amount to be reclaimed and the total "subscription" along with all my normal pay / tax information and the final amount i'm due back is under £100.

    Should the "total tax overpaid" actually include the SEIS relief at the submission phase or not?

  • yes

  • Fucksticks.

  • even after you've submitted online you can still go back and amend the tax return, and see the effects of altering amounts or entering other reliefs or income in draft form before re-submission.

    if you'd entered, for instance £1,000 in box 11 (and details in box 19), this should be reflected by a £500 relief on tax payable - however the 'knee' point for the £500 relief is at appx £10,600 taxable income and above; below this and the relief dwindles, to nothing below £8,100

  • I subscribed to £500 of shares in the initial investment so I have put that amount in the box labelled "Subscriptions for shares under the Enterprise Investment Scheme – the amount on which relief is claimed (and provide more information on page Ai 4)"

    I have also provided the full information required in AI4.

    My earnings were well over £10,600 and my tax paid (on my P60), according to online tax calculators, was bang on what it should have been.

    Were there any other sections which should have shown anything?

  • FUCK. Just re-reading that, i realise exactly what i've done...

    I placed the number in the EIS and not SEIS box. I've just amended it and it's given me my full reimbursement.

    I feel a bit retarded now...

  • you've sorted it, and learnt, and got your reimbursement - result for a friday!

  • You make a good point. To the pub!

  • .... later.

  • Does the maintaining % investment also come under the same SEIS rules? Not sure where my form is at the moment, so thought I would ask here

  • Yes it does, 50% straight off your tax calculation for the 'top up' amount (iirc appx £120 top up on a £1,000 previous year investment gives £60 relief this year)

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SEIS tax affairs

Posted by Avatar for rive_gauche @rive_gauche

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