The “Finance Act 2010-12 to 2012-13”, as it’s affectionately known in certain circles, has received Royal Assent as of July 17th – 20 days ago.
This means that it is now possible to file SEIS Assurance Advance forms to get some reassurance for your investors that the investment will qualify for SEIS.
The “EIS-AA” form (the same as for EIS) can be found here. What should you file along with the form is listed on the form:
- Latest company accounts and accounts of any subsidiary (most likely neither of those exist)
- Details of what sort of trade the company or subsidiaries will carry out
- Latest draft of prospectus/business plan issued to investors
- Up to date copy of Memorandum and Articles of Association
- Details of any agreements that the shareholders have entered into (e.g. a Shareholders Agreement)
- “Any other information relevant to this application” – i.e. anything you think may disqualify the company. If it passes the Assurance Advance stage, then it should be fine later. If you hide it at this stage, it may come back to haunt you later.
- Details of any “De Minimis” aid receives. The EU has regulations that limit how much assistance a single company can receive from the UK government. If you’re receiving grants or tax credits, you need to mention those.
- A statement confirming that the company hasn’t previously done a share issue under EIS or VCT.
Unlike the EIS1 form that is filed as part of the Compliance Statement, the Advance Assurance form doesn’t require any accounting details.
It’s worth adding that as of the last reports, HMRC had a turnaround time of several weeks for the advance assurance forms.
In a nutshell, net neutrality allows innovation to flourish by levelling the playing field for new disruptive companies against established businesses. We must protect it or risk the bigger…
Thanks to smartphones, many of us have become accustomed to round the clock internet access. But, for the sake of our mental health, we should learn to disconnect occasionally.…
Last week, the Office of National Statistics released a detailed report on UK R&D spending in 2016. The results are encouraging in some ways: expenditure is up and has been…
Google Chrome is the undisputed king of the browsers. Since its release in 2010, Chrome 5.0 has decimated the competition to become easily the world’s most used internet browser. Its…