After the round, the company files a compliance statement with HMRC and then gives each investor a certificate. We prepare both for £599 + VAT.
The SEIS1 can be filed once 70% of the money is spent or the trade has run for 4 months. The EIS1 can be filed after 4 months of trading and is due within 2 years of the end of the tax year of the share issue.
| SEIS1 | EIS1 | |
|---|---|---|
| Earliest filing | Once 70% of the money has been spent, or the trade has run for 4 months | Once the trade has run for 4 months |
| Deadline | No separate deadline, but investors' claims depend on it | Within 2 years of the end of the tax year of issue |
| Online form | Submit an SEIS1 | Submit an EIS1 |
| What HMRC sends back | SEIS2 authorisation, a unique investment reference and the SEIS3 form | EIS2 authorisation and a unique investment reference |
| Certificate each investor gets | SEIS3, completed by the company | EIS3, completed by the company |
The SEIS1 is the company's statement to HMRC that the scheme conditions have been met. It can be filed once either at least 70% of the money raised has been spent, or the new trade has been carried on for at least 4 months.
Neither section 257ED nor the GOV.UK guidance sets a filing deadline for the SEIS1. Your investors must claim by the fifth anniversary of the 31 January filing date for the tax year, and they cannot claim without an SEIS3, so file the SEIS1 as soon as the company can.
Once HMRC accepts the statement it sends a letter of authorisation (SEIS2), a unique investment reference and the SEIS3 form. The company fills in an SEIS3 for each investor and gives it to them.
The EIS1 can only be filed after the trade has been carried on for 4 months. It must be filed within 2 years of the end of the tax year in which the shares were issued, or, where the 4-month condition is met after that tax year, within 2 years of the date it was met.
HMRC replies with form EIS2, which authorises the company to issue EIS3 certificates, and a unique investment reference. The company completes an EIS3 for each subscriber listed and issues it. HMRC does not send certificates to investors.
We check the spending or the trading date against the earliest filing conditions, and that nothing since the share issue has broken the scheme rules.
The share issue details, the investors and their holdings are taken from the board minutes and the register of members, and checked against the advance assurance application.
We submit the SEIS1 or EIS1 online as your agent and deal with any questions HMRC asks.
When the authorisation arrives, we complete an SEIS3 or EIS3 for every investor so you can send them out.
Once at least 70% of the money raised has been spent, or the new trade has been carried on for at least 4 months, whichever comes first.
The law sets no separate filing deadline for the SEIS1 (section 257ED). In practice you need to file it in time for your investors to claim, and their deadline is the fifth anniversary of the 31 January Self Assessment filing date for the tax year (section 257EA).
Within 2 years of the end of the tax year in which the shares were issued. If the 4-month trading condition is met after that tax year ends, it is due within 2 years of the date it was met (section 205).
No. HMRC sends the company an authorisation (SEIS2 or EIS2) and a unique investment reference. The company completes an SEIS3 or EIS3 for each investor and sends it to them (VCM14090).
Investors can lose their relief if the company breaks the scheme rules within 3 years of the investment, so the conditions still matter after the certificates have gone out.
£599 + VAT for the compliance statement and a certificate for every investor.
