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The latest news from Grocery Accelerator

SEIS application made easy

SEIS application made easy

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NEWS FLASH:

>>> It takes up to four weeks to successfully receive advanced authority that you’re eligible for SEIS<<<

HEADLINE reasons to register:

  1. It gives your investor 50% tax credit against their next HMRC payment, up to £50,000.
  2. Capital gains free after 3 years for your investors
  3. You look far more professional to an investor…

 

Here’s a video we’ve made to assist you:

 

Myth busters…

  1. Myth – It costs money to apply? It doesn’t cost anything to send your application to HMRC.
  2. Myth – Complicated, you need to pay for an accountant or lawyer? – No you don’t, it isn’t complicated, it just looks complicated. Read the rest of this and find out why!
  3. Myth – you don’t have all the legal company documents to apply? You don’t need all the legal documents for the basic application. So, chill out and read the rest of this…

KEY Stuff to know:

  1. For SEIS, you can raise up to £150,000 from investors, but maximum total share holding from investors must not exceed 30% of the business.
  2. Maximum investment, per individual investor, in any SEIS businesses being invested in one tax year, is £100,000
  1. Investors have to be a UK taxpayer.
  2. Your business has to have been trading less than 2 years. That’s trading, not the date you formed your company. If you formed your company over two years ago, and but started to trade less than two years, then you are still eligible. Equally, if you’ve been trading more than two years and registered your company less than two years, you’re not eligible. Comprende?
  1. Must be a UK registered company. But you don’t have to be a UK citizen/s.
  1. There must not be a parent company and be you’ve got to be completely independent. – and not stock market listed (dream on!)
  1. If you sell food and drink products – you are in a qualifying trade (if you’re doing something else why are you reading this?)
  1. You must not employ more than 25 people.
  1. Your assets (excluding the SEIS investment you are looking to raise) must be less than £200,000
  1. If you don’t qualify to the above – And don’t go away. You are very likely to be eligible for EIS status. This is the big brother of SEIS and is still a good deal for investors. The process is the same for EIS. So use the same form.

 

Still up for this?

Okay… here we go:

 

Your next step is to apply for SEIS Advance Assurance…

Here’s the link for the application form:

https://public-online.hmrc.gov.uk/lc/content/xfaforms/profiles/forms.html?contentRoot=repository:///Applications/CorporationTax/1.0/EIS-SEIS(AA)&template=EIS-SEIS(AA).xdp

 

When it asks you for “The money raised by the shares will be used for?”

(copy and paste this)

“To access a mentoring and coaching service to help our business; improve our knowledge of the market place; develop our existing products; research and develop new products; improve our skills at presenting to potential customers and find new customers.”

 

Here’s the address where you send your application, but it’s quicker to email it to: enterprise.centre@hmrc.gsi.gov.uk

Small Company Enterprise Centre (SCEC)

Medvale House

Mote Road

Maidstone

Kent

ME6 15AF

Helpline Telephone: 03000 588907

 

More information:

http://www.hmrc.gov.uk/manuals/vcmmanual/VCM30000.htm

 

That’s it, go for it.

4 Responses to SEIS application made easy

  1. Hi there,
    This was really helpful. I have two more questions I would really appreciate your help on.

    On the online application for SEIS Advance Assurance, it asks for my tax reference # Do you know where I can find this?
    It asks whether my affairs have been dealt with by SCEC – If I choose No it asks for the local HMRC office – I have not been in contact with them yet (why would I)

    Can you possibly help me with these queries on the application

    Many thanks

    Nick

    • Hi Nick, your tax reference number should be available from your local HMRC office. If your business is brand new, they might not have this straight away. Bureaucrats eh? Hope you’re successful?

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Testimonials:

Clara Vaisse
Clara VaisseSibberi Ltd
"Launching your own business means that you bump into a new question every 15 minutes - the Grocery Accelerator team has all the answers! They have been a real catalyst for Sibberi’s growth. We were really impressed by how hands on the team is."
Anna & Eve
Anna & EveArctic Power Ltd
“The people behind Grocery Accelerator are enthusiastic professionals who have your back throughout every step of the entrepreneurial journey.”
Nick Brake
Nick BrakeRutland Charcuterie Co. Ltd
“Being involved with the Grocery Accelerator is an amazing experience. Being a Grocery Accelerator winner however takes it all to another level – it will undoubtedly be the most important factor in the success of our business.”
Hilary Marsh
Hilary MarshGenius Drinks Ltd
“It’s wonderful suddenly having a team of experienced, intelligent, passionate people who are totally on your side.”
James Dawson
James Dawsont plus drinks Ltd
"Grocery Accelerator has been instrumental in helping us understand the FMCG market and enable us to accelerate our growth in a way we simply couldn't have done alone."
Davina Steel
Davina SteelMannaVida Ltd
"From workshops to mentoring... even holding our hands in crucial meetings... Grocery Accelerator has already taught us more than we could have imagined."
Angus Oliphant
Angus OliphantMiniscoff (Food for Children)
"A great looking glass into the food & drink industry - the challenges, the pitfalls and the possibilities too..."
Morag Pavich
Morag PavichMo's Cookie Dough
"I learned more in three days than I have in a year running my business. Within 1 week of attending, I had secured a meeting with a Waitrose buyer – something which I had not imagined possible before..."

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Grocery Accelerator Ltd, Company number 08831331. Registered office: Unit 11, Hove Business Centre, Fonthill Road, Hove BN3 6HA - Website by Liam Morgan