Microcosm - 2nd Seedrs crowd-funding round

I've been sent a few forms. I have no idea what any of it means so I'm ignoring them.

Just a quick word on the SEIS forms some of you will have received from the first round (and which those of you who invested in the second round will receive shortly).

I don't want to give you any tax advice, but it's definitely worth making sure you claim the relief on your tax return (if you do one, although I think there is a way to claim under PAYE). Even if you only invested £10, you should be able to claim back £5 against income tax.

But more importantly, if Microcosm has a big exit, the company's SEIS status means you won't pay any capital gains tax (generally 28% on profits). However, you can only claim this CGT relief if you made the upfront claim. So absolutely worth the minor hassle.

I did a self-assessment tax return for the first time last year and it wasn't harrowing as I thought it was going to be, and a few weeks later I got a cheque from HMRC.

^ This.

It's painless once you register etc. Mine was paid into my bank account within a 5 working days.

I know I should do this but can't be bothered. Also, I haven't got my second SEIS form yet - are they on the way?

Can I still do the first one? Wasn't going to bother as I only put in a little but I'm going to end up self employed again soon and it can't hurt.

@Sparky - yes, should be going out in the next few days.

@snotty - yes, you should be able to. Genuinely, I can recommend the bit of HMRC's website which deals with SEIS. It's relatively user-friendly.

I hate doing tax stuff, I'm convinced every return I've done is wrong, although every return I've done has been at the last possible minute and using a filing system that involved screwing up receipts and hiding them around the house.

Mine arrived today. A good prompt to get both of them out of the door, which I now plan to do on Friday.

Yay paperwork!

I got my SEIS form today. A bit late unfortunately as I needed to get my return in before the end of last month as my tax situation was different to the previous years. Oh well.

Mine too..

How do you claim if youre not PAYE?

Do i give it to my accountant to sort out?

That's what you pay your account for, no?
(You have an accountant!?)

Investors wanting numbers and updates should sign up to Angel List and follow https://angel.co/microco-sm

If you put yourself down as an investor I will also confirm this.

If you put yourself down as an investor I will also confirm this.

How do you put yourself down as an investor? It appears greyed out to me.

Found it on my account page.

@cyoa and @skydancer, claiming is backdatable by at least 1 year (up to 5), so you can claim on your next return

@chainbreaker, see seis tax affairs thread > http://www.lfgss.com/conversations/229792/

Why is it not letting me sign in with persona?

Numbers of what? Do we not get this through seedrs?

Numbers of what? Do we not get this through seedrs?

I was asked on Twitter how many sites we had, how many registered users, etc.

I give Seedrs a quarterly update (next one due soon), but it really is more high level. You guys always have a more direct access by just asking me, and in preparation of the next round I'm having to put the traction numbers somewhere and angel list is a good place for that.

So Angel List info is in addition to Seedrs, but you guys can see for yourself how it's going as you use the product and have direct access to us.

Ah right. Cheers.

Out. :)

Microcosm quarterly update in seedrs, essence is: The last quarter was good and bad in equally extreme ways. We clearly need to make some course-corrections if we're going to be viable as a company... failure to do so would leave us as a zombie company and delivering no value to shareholders. We're out working our networks to get VC intro's and making the case for Microcosm to pivot more aggressively towards mobile, but if we fail to make that case... we have some really hard questions about what the future looks like.

We're also being brutally honest about what the future looks like if we don't get the investment we seek. The one thing I was always sure of is that most companies don't know when to quit... we're not looking to quit, but we're also not looking to limp on as a zombie and to throw good money after bad. If we're unable to make the case to pivot to make it work, and if it's really not working... then we're going to be looking at what happens next.

We firmly believe we can raise round, and can make that argument... but I've seen my peers in that place too, and the over-confidence meant that they failed to consider the alternative and things got messy as they didn't leave time or money to sort things out. I want to be sure that if the worst comes to pass, it's handled well and we do what we can to ensure that either SEIS triggers a return of the investment (company winds up), or the company continues in a pared down format with a much lower growth plan so that we continue to serve existing customers.

Anyhow... we still have time left, and we have work to do... so the focus isn't on what could happen if the worst happens, it remains firmly on what could happen if we have the ability to grow the team, make a more compelling case to other customers, and are able to demonstrate our strength in mobile.

Sounds like there's a lot of work ahead...

I can only see the June update in seedrs. Is there a new one?

There is a new one, it may still be waiting their approval.

Does this mean I am not rich yet?

Not yet.

I've moved to Bali on on future earning from microcosm... #ToSoon?