Submitting Your SEIS Compliance Statement with Vestd
Congratulations on taking key steps towards your SEIS goals!🎉
If you’ve secured Advance Assurance and issued shares to your SEIS investors, you’re well on your way. The next important step is to prepare for submitting your SEIS Compliance Statement (Form SEIS1) to HMRC.
Whether you're just exploring or looking for more details, this guide will make it easy to understand the process and keep you on track every step of the way!
Contents📋
- What is an SEIS Compliance Statement?
- Why is this important?
- When should you submit it?
- Submit your SEIS Compliance Statement with Vestd
- What happens after submission?
- Completing and distributing SEIS3 certificates
- What if you don’t have Advance Assurance?
What is an SEIS Compliance Statement?
⚠️ Why is this important?
The SEIS Compliance Statement is essential as not only does it validate your company’s eligibility for SEIS tax relief but it ensures your investors can take full advantage of the scheme.
When should you submit it?
You can’t submit the statement immediately after issuing shares. HMRC requires you to have been active for at least four months and spent at least 70% of the raised funds.
Submit your SEIS Compliance Statement with Vestd
We’ve simplified the process for you! Our platform offers an easy, step-by-step workflow to guide you through. Simply go to your SEIS/EIS page and click ‘Compliance statement application’.
If you completed Advance Assurance with Vestd, we’ll pre-fill your SEIS Compliance Statement with all the necessary details from your Advance Assurance application.
Just complete the workflow, review, and submit your SEIS Compliance Statement directly to HMRC through Vestd!
What happens after submission?
HMRC will review your application and usually respond within 2-4 weeks. Once approved, you’ll receive:
- SEIS2: This letter includes your Unique Investment Reference (UIR) number, needed by investors to claim their tax relief.
- SEIS3: A blank compliance certificate for each investor, proving their investment qualifies for SEIS relief.
Completing and distributing SEIS3 certificates
Fill out the SEIS3 certificates with the UIR for each investor and send them out. With Vestd, you can easily distribute these certificates through our platform via your Document signing page (located under Secretarial and admin).
What if you don’t have Advance Assurance?
No worries if you haven’t secured Advance Assurance yet. It’s not mandatory, but you’ll need to provide extra documents to prove your SEIS eligibility, such as:
- Business Plan: Your strategy and financial goals.
- Memorandum and Articles of Association: Official documents outlining your company’s structure and rules.
- Latest Annual Accounts and Cash Flow Forecasts: Recent financial statements and projections.
- Shareholder Agreements: Documents detailing agreements with your shareholders.
- Investment Documents: Materials used to attract investment, like a prospectus.
Tip💡: While Advance Assurance isn't required, it can streamline the process.
Apply for it through the Vestd platform, and we’ll pre-fill your SEIS Compliance Statement with your existing information—saving you time and cutting down on paperwork!
And don’t forget, if you need any assistance, our dedicated Customer Success team is always here to help👋🏼 Just drop us an email at support@vestd.com—we’re here to make your experience smooth and hassle-free!
Our team, content and app can help you make informed decisions. However, any guidance and support should not be considered as 'legal, tax or financial advice.'