Harry glasstone complete accounting solutions 12 June 2014.

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Presentation transcript:

harry glasstone complete accounting solutions 12 June 2014

What is SEIS? Purpose Government initiative To help small businesses/early stage companies get access to funding Those beyond friends & family and too low for typical investors/VCs

How does it work? 1. Companies must qualify 2. Investor purchases shares 3. Investor gets credit on their tax return 4. Company gets funding

Who can I offer SEIS shares to?

What does my investor get?  Income tax relief of 50% up to £100k  CGT relief on 50% of a gain  Possibility to carry back benefits  They can be a director (not an employee)  They cannot own more than 30%  Full-risk ordinary shares  Three year window  Negligible value relief  No CGT on disposal

What does my investor get? (Where capital gain in year and beyond) Successful investment 50% inome tax relief 14% CGT relief TOTAL 64% BACK + SUCCESSFUL COMPANY Failed investment 50% inome tax relief 14% CGT relief 22.5% negligible value relief TOTAL 86.5% BACK

Does my venture qualify?  UK permanent establishment (3 years)  Unquoted issue)  Size < 25 employees issue)  Trade < 2 years old & only trade of company  No prior EIS/VCTs  Spend all funds within 3 years  Carry on/preparing to carry on trade or R&D used in or benefiting a trade (3 years)  Independent (not controlled)  Gross assets < £200,000 issue)  SEIS Funding < £150,000

Does my venture qualify? Most do – these DON’T:  Dealing in land/commodities/ futures/shares  Dealing in goods other than in an ordinary trade/ retail/wholesale  Financial activities  Leasing/letting assets  Receiving royalties or licence fees  Accounting/legal  Property development  Farming/market gardening  Holding/managing woodlands  Shipbuilding  Coal production  Steel production  Operating/managing hotel or nursing home  Providing services to those who business in an excluded activity

What next? 1. You must have a company setup 2. Apply to HMRC for Advance Assurance 3. Attract investors – term sheets 4. Get investment 5. When you have traded for 4 months or spent 70% - apply for SEIS certificates

Too big for SEIS? Don’t worry... EIS could be available

What is EIS? The big brother (and predecessor) to SEIS Annual investment limit of £5 million Investor gets 30% of investment income tax credit (vs 50% on SEIS) Investor cannot be connected CGT deferral relief CGT free disposal after 3 year

Does my venture qualify for EIS? Similar criteria to SEIS Likely to be a qualify trade for EIS if qualified for SEIS Some differing criteria eg. Cannot be connected/director eg. Gross assets test

Can I use SEIS and EIS YES!! Once you have spent 70% of your SEIS funding you can raise money under EIS

EIS process 1. Apply to HMRC for Advance Assurance 2. Attract investors – term sheets 3. Get investment 4. When you have traded for 4 months or spent 70% - apply for SEIS certificates

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