EIS relief and tax returns using Tax calc software

Please can someone help clarify the claim process

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I wish to claim the income tax releif and capital gains deferral relief and reduce the January 2024 tax payment. I have prevoiusly submitted the 2023 tax return with no EIS claim as we did not have any EIS3s. We now have the EIS3s for 2023/24 contributions which I am carrying back. Do I amend the 2023 tax return and attach pdf's for the CGT relief, there are quite a few EIS3s for various compaies, or do I send them off in the post (I do realise that the EIS3 certs are not required just the derferral claim)? It all seems long winded and there are likely to be more EIS3 before April so I assume I will have to amend again. Just would like clarification that I am on the right track. Thanks. 

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By nrw2
25th Jan 2024 14:03

An EIS investment made in the 2023/24 tax year which you wish to carry back to the 2022/23 tax year can either be made on the 2023/24 SA return (specifying that you wish to carry it back) or by submitting an EIS claim form in the post (current processing times are very long, 11 months for the last one I submitted).

https://www.gov.uk/government/publications/enterprise-investment-scheme-...

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Replying to nrw2:
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By Di
25th Jan 2024 16:00

Thank you for clarification. I will send them in the post. I wanted to reduce the tax payable for January 2024. If the claim by post is treated as amending the tax return it should be ok to pay the amount as if the claim had gone through, we have the EIS3s. Otherwise the client will have to wait a long time for a repayment.

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Replying to Di:
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By Wanderer
26th Jan 2024 05:28

Before you follow nrw2's advice I would suggest that you read this:-
https://www.gov.uk/government/publications/enterprise-investment-scheme-...

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Replying to Wanderer:
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By Di
26th Jan 2024 08:23

Yes, thanks HS 341 2023 gives me the answer (earlier versions are not so explicit), part 5 gives me the answer. My problem now is the pdf size!

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Replying to Di:
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By Wanderer
26th Jan 2024 08:49

Di wrote:

My problem now is the pdf size!

I don't bother! Never had an issue.
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Replying to Wanderer:
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By nrw2
26th Jan 2024 08:40

Ah, thanks for highlighting that Wanderer - I wasn't actually aware that you could claim a 2023/24 investment on the 2022/23 SA return if in possession of the S/EIS3, I thought it had to be claimed on the 2023/24 return and carried back (which also works)!

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By Carl London
25th Jan 2024 23:19

I would say submitting an amendment will be dealt with much quicker. Has always worked for me.
Your client could get automatic late payment penalties if HMRC don't deal with post quick enough! (Yes you could appeal but do u need that hassle?!)

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