A Complete Guide to Declaring Investment Scheme for Tax Relief
Managing your tax reliefs is a key aspect of UK self-assessment, particularly when it comes to investment schemes like the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), Social Investment Tax Relief (SITR), Community Investment Tax Relief (CITR), and Venture Capital Trusts (VCT). These schemes offer valuable tax reliefs, but they must be accurately recorded to ensure compliance with HMRC requirements.
In this guide, we’ll walk you through the process of declaring your investment schemes as income sources within the Pie Tax App. By following our step-by-step instructions, you can easily manage and categorise your investments, making your self-assessment process more straightforward and ensuring that all your tax reliefs are correctly accounted for.
Your Step-by-Step Guide
Follow these easy steps to ensure your tax reliefs are accurately recorded for your self-assessment:
Start by launching the Pie Tax App on your device. Tap on the chart that specifies 'All Incomes'.Open the App and Access All Incomes
On this page, you’ll see a summary of all your total income. To continue, tap the (+) button to add a new income source.Navigate Your Total Income
Next, select '+ Create New Income Source' to begin recording the specific income you wish to declare.Create a New Income Source
You’ll be prompted to choose the type of income you want to declare. Tap 'Tax Reliefs' to proceed.Select Tax Reliefs
Next, you’ll see various types of tax reliefs. Tap ‘Investment Schemes’ to continue.Choose Investment Schemes
At this stage, you’ll decide how to input your Investment Schemes. You can either connect the app to your bank account or enter the details manually.Select how you want to add your investment scheme data
If you choose this option, the app will take you to the Bookkeeping section, where you can reconcile investment schemes from your bank account and categorise each transaction correctly (EIS, SEIS, SITR, CITS, or VCT).Reconcile on Bookkeeping
If you prefer to enter the details manually, you'll be asked to specify which investment schemes you participate in. For each scheme (EIS, SEIS, SITR, CITS, VCT), enter the yearly amount you have invested.Enter Manually
After entering the details, review the summary to confirm all investment schemes and amounts are correct, then tap 'Next' to finalise the income source.Review Your Income Summary
Key Benefits
Easily record your investment schemes to ensure correct tax reliefs and HMRC compliance.Accurate Tax Reliefs
Manage all your investment schemes in one app, streamlining your tax filing process.Simplified Self-Assessment
Ensure every eligible scheme is declared to maximise your tax savings.Maximise Tax Savings
Frequently Asked Questions
How do I declare my investment schemes in the Pie Tax App?
You can declare your investment schemes by navigating to the ‘All Incomes' section in your profile and selecting 'Tax Reliefs', then 'Investment Schemes'.
What types of investment schemes can I add?
You can add schemes like the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), Social Investment Tax Relief (SITR), Community Investment Tax Relief (CITR), and Venture Capital Trusts (VCT).
Can I connect my bank account to add investment schemes?
Yes, you can connect your bank account to reconcile your investment schemes directly from your transactions.
Is it possible to manually enter my investment scheme details?
Yes, you can manually enter the details of each investment scheme and the amount invested annually.
How can I review the investment schemes I’ve added?
After adding your schemes, go to the ‘Income Accounts’ section in your profile to review and confirm that all details are correct.
