[LondonOpenCoffee] Can SEIS be 'retro-active'?

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[LondonOpenCoffee] Can SEIS be 'retro-active'?

Rick Brownlow-2

Hi everyone,


Thank you in advance for reading this and pitching in with any advice.


I've had financial support from an individual while getting my MVP, early-stage marketing, and other start-up essentials underway. 


My company has been SEIS-approved and my backer is now wondering if he can parlay the money he's put in over the past 18 months into an SEIS equity-share investment.


Does anyone have experience in this? Thanks, and have a great week, y'all!


Tree

Founder, ADDS at http://addvertising.org/






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Re: [LondonOpenCoffee] Can SEIS be 'retro-active'?

Rick Brownlow-2
If the money came in as a loan, that should be fine. It's two transactions, one to repay the loan and a separate one to invest on an equity basis.

I can connect you to my accountant (Connolly in MK) if you want this handled for you. They're inexpensive and I use them to avoid screw ups on matters like this. 

Email me Andrew dot Lockley at Gmail dot com 

Andrew Lockley 
Andrewlockley.com 

On 29 Jan 2018 10:11, "Tree Elven" <[hidden email]> wrote:

Hi everyone,


Thank you in advance for reading this and pitching in with any advice.


I've had financial support from an individual while getting my MVP, early-stage marketing, and other start-up essentials underway. 


My company has been SEIS-approved and my backer is now wondering if he can parlay the money he's put in over the past 18 months into an SEIS equity-share investment.


Does anyone have experience in this? Thanks, and have a great week, y'all!


Tree

Founder, ADDS at http://addvertising.org/

Mercedes Benz makes Roger Federer the embodiment of tennis excellence through the decades, dexterously coupling his performance with their marque and taking some fun ...





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Re: [LondonOpenCoffee] Can SEIS be 'retro-active'?

Rick Brownlow-2
In reply to this post by Rick Brownlow-2

On Mon, Jan 29, 2018 at 10:22:00AM +0000, Andrew Lockley wrote:

If the money came in as a loan, that should be fine. It's two transactions, one to repay the loan and a separate one to invest on an equity basis. I can connect you to my accountant (Connolly in MK) if you want this handled for you. They're inexpensive and I use them to avoid screw ups on matters like this.� Email me Andrew dot Lockley at Gmail dot com�

I would be be wary wary and get proper advice, the question was posted on a public mailing list, where the question was asked about someone having funded something can that be retrospectively claimed as SEIS.

HMRC generally don't allow for retrospective things (apart from R&D tax credits), SEIS was designed to encourage early stage equity investment and there are pretty strict rules.

Bending what you've done to fit into the rules may or may not be legal. So definitely get advice.

Steve

— NetTek Ltd UK mob +44 7775 755503 UK +44 20 3432 3735 / US +1 (650) 423 1390 social id stevekennedyuk Euro Tech News Blog http://eurotechnews.blogspot.com

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Re: [LondonOpenCoffee] Can SEIS be 'retro-active'?

Rick Brownlow-2
In reply to this post by Rick Brownlow-2
Yeah there is a really helpful reply earlier today, which seems to have wandered off this thread. Appears there is more to it than I thought. I referred him to my accountant and hopefully that will sort it. 

A

On 29 Jan 2018 21:51, "Steve Karmeinsky" <[hidden email]> wrote:

On Mon, Jan 29, 2018 at 10:22:00AM +0000, Andrew Lockley wrote:

If the money came in as a loan, that should be fine. It's two transactions, one to repay the loan and a separate one to invest on an equity basis. I can connect you to my accountant (Connolly in MK) if you want this handled for you. They're inexpensive and I use them to avoid screw ups on matters like this.� Email me Andrew dot Lockley at Gmail dot com�

I would be be wary wary and get proper advice, the question was posted on a public mailing list, where the question was asked about someone having funded something can that be retrospectively claimed as SEIS.

HMRC generally don't allow for retrospective things (apart from R&D tax credits), SEIS was designed to encourage early stage equity investment and there are pretty strict rules.

Bending what you've done to fit into the rules may or may not be legal. So definitely get advice.

Steve

— NetTek Ltd UK mob <a href="tel:+44%207775%20755503" value="+447775755503" target="_blank">+44 7775 755503 UK <a href="tel:+44%2020%203432%203735" value="+442034323735" target="_blank">+44 20 3432 3735 / US <a href="tel:(650)%20423-1390" value="+16504231390" target="_blank">+1 (650) 423 1390 social id stevekennedyuk Euro Tech News Blog http://eurotechnews.blogspot.com

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Re: [LondonOpenCoffee] Can SEIS be 'retro-active'?

Rick Brownlow-2
In reply to this post by Rick Brownlow-2

Many thanks, Steve.  

Definitely NOT wanting to bend rules, just exploring how best to offer equity to a backer who helped pay for essentials along the boot-strapping journey and while I was applying/waiting for SEIS.

I appreciate the advice and am following up with Andrew's introduction. 



From: [hidden email] <[hidden email]> on behalf of Steve Karmeinsky <[hidden email]>
Sent: Monday, January 29, 2018 10:51 PM
To: [hidden email]
Subject: Re: [LondonOpenCoffee] Can SEIS be 'retro-active'?
 

On Mon, Jan 29, 2018 at 10:22:00AM +0000, Andrew Lockley wrote:

If the money came in as a loan, that should be fine. It's two transactions, one to repay the loan and a separate one to invest on an equity basis. I can connect you to my accountant (Connolly in MK) if you want this handled for you. They're inexpensive and I use them to avoid screw ups on matters like this.� Email me Andrew dot Lockley at Gmail dot com�

I would be be wary wary and get proper advice, the question was posted on a public mailing list, where the question was asked about someone having funded something can that be retrospectively claimed as SEIS.

HMRC generally don't allow for retrospective things (apart from R&D tax credits), SEIS was designed to encourage early stage equity investment and there are pretty strict rules.

Bending what you've done to fit into the rules may or may not be legal. So definitely get advice.

Steve

— NetTek Ltd UK mob +44 7775 755503 UK +44 20 3432 3735 / US +1 (650) 423 1390 social id stevekennedyuk Euro Tech News Blog http://eurotechnews.blogspot.com

— Please Note: If you hit “REPLY”, your message will be sent to everyone on this mailing list ([hidden email]) https://www.meetup.com/londonocc/ This message was sent by Meetup on behalf of Steve Karmeinsky (https://www.meetup.com/londonocc/members/8276455/) from London OpenCoffee Meetup. Set my mailing list to email me

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