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Maybe you’ve invested in an EIS qualifying company or perhaps you’ve invested in a knowledge intensive fund or two?
Now you’re getting ready to claim EIS and receive a whopping 30% of your investment back as an EIS tax relief.
What better feeling!?
But now you’re probably wondering, how do I actually go about claiming? Well, let’s have a look..
First of all, EIS stands for Enterprise Investment Scheme. It is one of the four government schemes designed to help small companies grow.
The others are:
The EIS is authorised and regulated by the financial conduct authority.
For a company to be EIS eligible, it must meet this criteria:
Read more about this here.
Before doing anything, make sure you have these bits of information to hand:
After the company you invested in has been trading for 4 months, they will request the EIS3 certificates from HMRC, and then distribute these certificates to their investors – i.e. you.
If you used an agency or platform for your EIS investments then you should receive the EIS3 certificate from them instead.
This certificate contains key information needed to claim your tax relief with your self assessment, including the time and amount of investment.
This is the document that proves you’re a shareholder in the business.
Normally the company you invested in must have also issued you one before you receive your EIS3 certificate.
When you’re filing your annual income tax return you must claim the EIS tax relief by filling in the “other tax reliefs” section on your Additional Information (SA101) pages.
Enter the total amount invested on section 2 of that page:
At the bottom of this page you’ll need to provide the information that is listed at the top of this article for each company you invested in:
⚠️ Risk warning ⚠️
Before making any investment decisions, consider the full risk and seek investment or tax advice where necessary.
We know just how stressful the process of claiming any sort of tax relief in your self assessment can be. That’s why we at TaxScouts are more than happy to take care of this for you. Just leave it to us!
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