New SEIS1 form issued by HMRC

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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

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