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Where Taxpayers and Advisers Meet

SEIS process

Dave88
Posts: 3
Joined: Fri Jul 13, 2018 11:16 am

SEIS process

Postby Dave88 » Fri Jul 13, 2018 2:08 pm

Can anyone help.

My brothers setting up a company and wants me to invest. I am aware of SEIS and believe the company will qualify for this no problem. My issue is to save on costs he is setting the company via an online service and then I’ll be investing after this. We have spoken to an accountant and they indicated the process would be to issue say 80 shares initially to my brother followed by (a week or so later) issuing new shares, say 20, to me for my investment of 5k.

We have been quoted £2000 from an accountant to do this (including assistance to complete the SEIS paperwork) however I feel this is a huge chunk of the investment and pointless even bothering with SEIS if we pay this for their advice. If we set this up via an online company it would be less than £50 however I’m not sure physically how to go through the process of completing a second share issue to then increase the share holding for the investment value and how to document all this / register it all.

If my brother gets the company started with 80 initial shares for him Is there anyone that can walk me through the steps involved and paperwork required to legally complete a second share issue for investment money after this (in order to save £2000)! I feel the government websites are good enough with their explications of how to apply and deal with the SEIS part, it’s just the company formation/share issue/company house side I’m struggling with.

Any help would be appreciated

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