Form SEIS1 is a compliance statement that must be completed and filed with HMRC by the company that issued the shares.
The SEIS1 form is an online form that you must complete and send to HMRC (the quickest way is to file it via email).
Make sure that you have all the information to hand regarding the investors and the investments before starting - as it is not possible on the HMRC website to save the document part-completed!
You will need information including:
- confirmation of whether you received formal HMRC advance assurance
- company address
- company corporation tax UTR
- date of incorporation
- date of share issue
- type of shares issued e.g. ordinary £1
- name and address of each investor/subscriber
- number of shares issued to each investor
- amount invested by each subscriber
- total number of shares in issue
- confirmation of whether any of the investors already held shares - if so, how many
- details of the trade / preparations for a trade start date
- whether the company itself or a group company will be using the cash raised
- statement on how/why the risk to capital condition is met
- number of employees
- gross assets - sliding range rather than exact figure needed
- if not started trading, confirmation that at least 70% of the cash spent and on what
- details of previous funding received
- various declarations to sign off
This is not an exhaustive list but it covers the bulk of the questions asked.
If accepted by HMRC, they will issue a form SEIS2 that authorises the company to complete and distribute form SEIS3 to the investors.
HMRC will send you blank SEIS3 forms (along with the SEIS2 form) for you to fill in for each investor.
The SEIS3 forms are essential for the investors to be able to claim the tax relief on their SEIS investment.
You can find the SEIS1 form here.
(or you can seek help ;))