Back Dating Tax relief to previous Financial year for an Enterprise Investment Scheme

I have invested into an EIS and want to claim tax relief in the previous financial year but my accountant says I cannot do this and will have to make a claim when I next make a tax return, is this correct?

I think the accountant may be overlooking a key point. The following is part of the text that he quoted to you:

If you have an EIS3 for a year for which you have not yet received a tax return, you can request a change to your PAYE tax code, or an adjustment to any Self-Assessment payment on account due.

This is not strictly true, what you should do is to write to HMRC now, enclosing a copy (not the original) of the EIS3 form, and requesting a reduction in the payment on account for 31st July 2013 (if you  on self-assessment) or an adjustment of your PAYE code.

Making an EIS investment at this time of year is a great way of reducing tax.

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About Ray L Best

Ray Best has had over 30 years experience of advising on complex financial matters. A published author of a number of books including “Partnership and Shareholder Protection”, Inheritance Tax Simplified”. We provide an initial meeting at no cost and only engage with clients when we can add significant value.

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