The Lemon Fool

Does anyone have experience of doing this? I tried to do this, notifying HMRC via the website (the same place I would notify them that I expect additional interest income etc.) 2 months ago, but it still shows as being in progress, due for completion 1st September.

I tried calling them but got someone who told me she didn’t know anything about it, promised someone would call back, but no one did.

Maybe I didn’t do it right? Any ideas?

I have always done this by post as I believe they need to see the VCT income tax relief certificate to change the PAYE code, were you able to send this whilst on line?

With respect to HMRC processing times their estimate on "check progress" is not accurate. I submitted an EIS tax refund claim in May the "check progress" estimate was June and it was actually completed in October.

HMRC do have a web page entitled "Check when you can expect a reply" you put in a date and route of submission and a few other details and it estmates a reply date. I submitted a VCT PAYE code change request on 24th Sept and this page is telling me I can expect a reply late November. I await to see the accuracy of this prediction!!

I have submitted VCT PAYE code cnanges by post each year for the last 15+ years and they have always been actioned ( eventually) and for at least the last five years they have changed the PAYE codes accurately.

It’s always been a bit of a mare to get a PAYE change during the year. My experience taught me to wait until 6 April, submit the return and within 10 days the Tax Refund is in the bank. I’m only playing small stakes so I don’t need the refund for anything else.

Ihave done it but many years ago. I recall it was not the easyiest and possibly before VCTs were able to be handled online (???). Nowadays I do it online and although its not the most efficient financially it it much cleaner. I will be square with HMRC every year.

Mainwaring wrote:It’s always been a bit of a mare to get a PAYE change during the year. My experience taught me to wait until 6 April, submit the return and within 10 days the Tax Refund is in the bank. I’m only playing small stakes so I don’t need the refund for anything else.

Likewise.

And that includes an occasion shortly after I started VCT investing when, due to changes in my circumstances (parting company with an employer), my entire income was on an "emergency" (zero personal allowance) tax code.

Yet another vote for "claim it in the annual tax return". I have found that process to be really quick smooth and quick.

Claiming 'in year' works, it just takes time for HMRC to make the change.

In my experience, a close to three months delay is not unusual, but I can't recollect an occasion where there was a complete failure on HMRC's part.

So my advice is to continue to claim early if the improved cashflow is important to you, and if the VCT sub was in the first half of the tax year.

cprof wrote:I have always done this by post as I believe they need to see the VCT income tax relief certificate to change the PAYE code, were you able to send this whilst on line?

With respect to HMRC processing times their estimate on "check progress" is not accurate. I submitted an EIS tax refund claim in May the "check progress" estimate was June and it was actually completed in October.

HMRC do have a web page entitled "Check when you can expect a reply" you put in a date and route of submission and a few other details and it estmates a reply date. I submitted a VCT PAYE code change request on 24th Sept and this page is telling me I can expect a reply late November. I await to see the accuracy of this prediction!!

I have submitted VCT PAYE code cnanges by post each year for the last 15+ years and they have always been actioned ( eventually) and for at least the last five years they have changed the PAYE codes accurately.

I actually didn’t include a copy of the tax certificate (I thought it would be like claiming in through self assessment). I guess I will find out sooner or later if this causes issues.

I did claim EIS recently by updating my self assessment form and carrying it back to the previous tax year. Was much faster - I got the cash in my account in 5 working days.