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.
If you are curious about R&D Tax Credits, Innovation Grants and Open CultureGET IN TOUCH
'Lab-grown' meat is a bleeding-edge technology which could make plunderous, unethical meat consumption a thing of the past. We answer some of your biggest questions about this burgeoning industry, including…
With Brexit less than four months away, I analyse how this major political and economic shift will impact the R&D Tax Credit scheme. Baring some extraordinary evasive action, Britain will…
Our six-step breakdown of the R&D Tax Credits claims process. Confused about how to claim? You've come to the right place! This may be a surprising article to find on…
When looking into grant funding it’s easy to get confused. What competition should I apply to? Do I meet the criteria? How much money can I ask for? And perhaps…