We’re often asked whether we have special powers to speed up an advance assurance application. HMRC are militant about reviewing applications in the order they receive them (fair play) and unfortunately, there are no tricks to expedite.
The best tactic is to make sure all the information HMRC need to approve the advance assurance application is included when you submit it – and that it is presented clearly. This may mean two things:
- HMRC will not need to contact you with questions, which can add at best, days, and at worst, weeks, to the time it takes to process an application.
- Your application can be assigned to the ‘more straightforward’ pile, which means it is likely to be processed more quickly.
Since the introduction of the new rules around naming investors in your advance assurance application, turn around times are faster: 3-4 weeks rather than 5-6 weeks.
As always, the sooner you submit, the better, so those investors are not kept waiting!