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?
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HMRC clarifies treatment of averaging relief under MTD IT
HMRC has updated its guidance to explain how averaging relief claims will operate under Making Tax Digital for Income Tax (MTD IT). The clarification addresses concerns about how farmers and creators will claim relief once quarterly reporting becomes mandatory. What has changed?
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Double up on the employment allowance
You’re the sole shareholder of a limited company which employs several members of staff. You’re working on plans to start another business with an ex-colleague. Can both businesses benefit from the full employment allowance (EA)?
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VAT cut for children's holiday activities over summer
The government has announced a temporary reduction in the rate of VAT applying to certain children's holiday activity programmes during the summer holidays. The measure is intended to help families with childcare costs during the school break. What has changed?
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.
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