How to apply for SEIS advanced assurance
3 Pages
English
Downloading requires you to have access to the YouScribe library
Learn all about the services we offer

How to apply for SEIS advanced assurance

-

Downloading requires you to have access to the YouScribe library
Learn all about the services we offer
3 Pages
English

Description

How to apply for SEIS advanced assurance Whilst applying for SEIS advanced assurance is not strictly required, we highly recommend it. In fact, there is really no downside to applying, and you and your investors only stand to benefit. What is SEIS advanced assurance?

Subjects

Informations

Published by
Published 20 April 2015
Reads 1
Language English

Exrait

How to apply for SEIS
advanced assurance
Whilst applying for SEIS advanced assurance is not strictly required, we highly
recommend it. In fact, there is really no downside to applying, and you and your
investors only stand to benefit.
What is SEIS advanced assurance?
Start-ups looking to raise money under the SEIS scheme can write to HMRC to check
whether their business is likely to qualify for SEIS. HMRC will review the information
provided and provide an opinion whether or not the business is likely to qualify at
the point of issuing shares.
In order to give SEIS advance assurance, HMRC will need to be satisfied that
 Your company and its proposed business plan are likely to meet the rules
 The shares to be issued meet the rules
 The shares are being issued to raise money for a qualifying business activity
and
 The money raised will be used to satisfy the rules of the scheme
How do I apply for SEIS advance
assurance?
Companies looking to get SEIS advanced assurance can submit an advanced
assurance form to HMRC at the SCEC. It’s important to remember that HMRC can
only provide advanced assurance on the basis of the information provided.
This is quite often where companies get it wrong. Without close knowledge of the
rules, companies sometimes forget to disclose certain things which affect its eligibility
under the SEIS scheme.
When you submit your advanced assurance application to HMRC, you should
consider including as much information as possible, such as:
 A copy of the company’s business plan and forecasts  A copy of the latest accounts of the company (if available)
 Details of all the trading activities and how the funds will be used
 Details of how much money the company intends to raise
 Confirmation that it meets or is likely to meet all the SEIS rules
 A copy of the company’s Articles of Association and shareholder or
subscription agreement
Can advanced assurance be withdrawn?
Absolutely – SEIS advanced assurance is merely an opinion by HMRC based on the
information provided, and therefore unfortunately it will not be bound by this! This is
why it’s important that your initial advanced assurance application is as detailed as
possible, so that you and your investors have the maximum probability in qualifying.
When will advanced assurance be
declined?
Advanced assurance will not be granted by HMRC in the event that it’s not satisfied
that you’re likely to meet all the rules of the SEIS scheme. They will also not provide
advanced assurance if the shares have already been issued.
What to do when I have received
advanced assurance?
If you’ve received advanced assurance, you’ll be in a much better place to raise funds
from investors. Once you have raised the funds and the shares have been issued, you
can apply for SEIS relief for your investors.
How can you help with SEIS advanced
assurance?
We have a number of SEIS advanced assurance packages to suit each start-ups plans
and budget. We’ll do a thorough review of your business plan and trading history,
and put together your application for you. For more information:
Seed Enterprise Investment Scheme