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HM Revenue & Customs (HMRC) has released a new more user-friendly online Form SEIS1.
The form must be completed online so make sure you have all details to hand. Here’s a handy checklist of information that you will need if you are preparing and filing your SEIS1 Compliance statement for submission to HMRC:
- confirmation of whether you have advance assurance
- if so, the date that you received the advance assurance
- company name
- corporation tax reference
- company registration number, registered address and date of incorporation – grab these details direct from Companies House
- whether the company is part of a group
- details of your SEIS tax agent (if you’re getting one to help you out)
- date the shares were issued
- description of the shares e.g. ‘ordinary’
- nominal value of the shares
- number of subscribers (aka investors)
- For each subscriber/investor:
- Full name
- Residential address
- No. of shares issued (for their investment)
- Amount invested (£)
- what the money was raised for: a trade/prep for a trade OR R&D to lead to a trade
- brief description of the nature of the trade
- who will be using the cash e.g. company itself or a (90% or more owned) subsidiary?
- whether the trade has started and whether it was previously carried on by another person/company/partnership before?
- how you consider that the company (or group) satisfies the “Risk to Capital” test – be careful with this section!
- number of employees at the date of the share issue
- gross assets value immediately before the shares were issued
- details of the share capital structure immediately after the issue of shares to the investor(s)
- details of any shares held by the investors before this round of investment i.e. what’s their current cumumlative shareholding?
- details of any further shares issued since this round of investment and the signing of this SEIS1 form
- whether the investors have received any ‘value’ since the company was incorporated – examples of ‘value’ received include:
- the company repaying any of its shares or securities to an investor
- the company repaying a debt owed to an investor, if that repayment is in connection with the making of the investment
- an investor receiving a loan or benefit from the company
- the company paying a debt which an investor owed to someone else
- the company selling an asset to an investor at less than market value (or an investor selling an asset to the company at more than market value
- if the company has yet to start trading and you are therefore relying on the “70% of this investment cash having being spent” condition as the trigger to file this form, then you need to provide high level breakdown of this spend
- details of previous De Minimis funding received in the prior 3 year period
- details of any “51% subsidiaries” since incorporation i.e. group structure
- ticking boxes for a whole host of declarations!
Filing SEIS1 Form with HMRC
The good news is that you can now file this form with HMRC via email.
Email: [email protected].
Get more guidance from HMRC here