Member Since: 2nd Feb 2016
29th Sep 2021
Unfortunately Xero doesn't provide a way to export files / attachments, it's an arduous manual process or a third party tool needs to be used.
It doesn't take a genius to work out why Xero doesn't facilitate exports, but in today's world data storage companies have a responsibility to provide users with a simple way to export / backup their own data (Google et al all provide this).
23rd Sep 2021
Would your client mind introducing me to their friend? I need better friends.
19th Jul 2021
The removal of relief on disposal of shares within 3 years of subscription is clear (along with other disqualifying events).
I haven't dug through to find where the revived income tax can't be relieved again - I gleaned this from a dialogue with HMRC upon an EIS share sale within 3 years of subscription and accepted it without challenging / digging much further as there weren't any other replacement EIS investments available anyway. As with everything on these forums, speak to your accountant rather than take my word for it.
If you are still within the window for amending an SA return (12 months after the filing deadline), then presumably you could simply amend the SA return to remove the EIS claim and apply another one - but it's beyond this that may get trickier. Delaying the claim is far simpler, cashflow permitting.
19th Jul 2021
19th Jul 2021
HRMC provides 5 years from the date that the SA return is due, to claim EIS CGT deferral (and income tax relief). In practice this often amounts to >6 years from the date of the investment and >7 years from the date of the gain to be deferred.
*IF* cashflow is not a concern (and P&L is the priority), then it makes sense to hold off claiming both CGT deferral and income tax relief (HMRC even pays 0.5% interest, tax-free on both - which beats anything else available on cash!).
Whilst delaying the claim of CGT deferral is often a no-brainer, it can also make sense for income tax relief as if the relief were to be subsequently removed (eg disposing of the shares within 3 years) then it cannot then be claimed against another EIS investment - however if it wasn't claimed in the first place then it obviously can (against the same income). This benefit is greatest for industrious EIS investors who are juggling across tax years etc.
Summarising, a crystal ball is nearly available where EIS is concerned! Decisions can be made once future tax policy / personal circumstances are clear.
16th Jul 2021
Google Drive or Microsoft OneDrive will both do a great, inexpensive job - and are both dependable providers (the most important thing where data is concerned, needless to say).
14th Jul 2021
Out of interest, why not just move the whole trade into the limited company to avoid material complexity created by trading between the two entities?
21st Jun 2021
The shares in questions were subscribed for and allotted prior to the EIS investment, they just haven't been classified as SEIS investments. My question is, can they be?
An S/EIS claim can be made up to 5 years from Jan 31 following the end of the tax year in which the subscription was made, from memory. The order of the claim shouldn't matter, it's the order of the share subscriptions which is relevant.
21st Jun 2021
1) SEIS cannot be claimed for a share subscription made at a later date than an EIS share subscription in the same company.
2) It sounds like neither D1 nor D3 (by father/son association - it just takes one of them to be non-qualifying to blow it up for the other) qualify for EIS on a number levels including ownership >30%, worked in the business, subscribed for non-EIS shares prior to EIS shares - though you don't provide enough information to fully determine this.
HMRC's manuals are comprehensive and clear around most areas of S/EIS.
14th Jun 2021
Ignoring most of this, but picking up on one point: if, as it appears, the cash is destined for your sister's limited company rather than your sister personally, then is it simpler to fund via a loan from your company to her company - kicking the extraction of company cash into personal hands (and associated tax) down the road?