Crowdfunding the creation of the next version of LFGSS

I've no access to that page, as an entrepreneur.

They really don't tell me. I see a single shareholder, Seedrs.

There's probably a reason for this. Maybe Seedrs want to ensure I don't bypass them on future rounds?

seedrs just confirmed receipt of my £10

just confirmed by transfer as well....

I was rejected at the questionnaire stage, so I'll have to be a patron instead now. Slightly miffed with their value judgements to be honest, but that's life. Doesn't look like you're short of investors anyway.

you've obviously forgotten about our investment club that meets on Thurs at the Raven...... I still can't believe that you thought it was good idea to invest in the company that makes the electric watermelon vibrators.

he said slightly miffed, not huge muffed (who the fuck can accommodate a vibrating watermelon? now off to google image search)

I've just signed up as a self-certified uberfuckinginvestor (that's technical speak, chumps) and sent some cash over. Piece of piss.

My cash is in transit. Seems appropriate....

"Investing in startups involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and it should be done only as part of a diversified portfolio.

Seedrs is targeted solely at investors who are sufficiently sophisticated to understand these risks and make their own investment decisions."

Fuck yeah!

Right, my test amount has hit, now to shift the rest...

I am reject :(

i.e. poor student

So I can't even donate small amounts?

does someone need to produce a crib sheet of the answers that are required to stop people being rejected?

Bloody Nora - even I got the answers correct and I'm as thick as pig shit.

Just awaiting conformation of "sheckles in" at Seedrs...

As Seedrs take 7.5% + VAT and we have legal fees too, we're actually getting less than we're raising.

Their 7.5% is commission on fund raising - you should not pay VAT on this as it is either exempt or zero rated. I would raise it with them. You will pay VAT on legal fees though...

willo, I think you are thinking of charities which are VAT exempt for fund raising activities. I can't find anything on the HMRC site that says companies that raise investment are VAT exempt on those activites.

Oliver, for driving licence enter in a sequence of obviously fake numbers such as all zeros:

On the KYC checks, they should be able to leave driver’s license blank and still submit (if not, they can just put any numbers in there and submit). They may get to a screen that says we can’t find them in the database so they should e-mail us – as long as they do so, we’ll do our best to clear them within 24 hours. In a few cases we may need to see manual documents, but hopefully they will be as few and far between as possible.

As Seedrs claim it will be less than 24 hours I remain on target to hit submit at 8pm this evening.

It is a financial service they are providing - it is exempt from VAT. See here:

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ShowContent&id=HMCE_CL_000111&propertyType=document#P5_263

I've also had my seed deposit confirmed...

How long did it take?

It is a financial service they are providing - it is exempt from VAT. See here:

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ShowContent&id=HMCE_CL_000111&propertyType=document#P5_263

Having read that... I'd say it's grey area.

Their fees are: "7.5% + applicable VAT".

Which sounds like they don't consider the whole amount VATable... just part of.

I suspect that they count some % of their services as the provision of advice which isn't VAT exempt, and so have to charge VAT for a portion of the fees.

I've asked for clarification just so that I can understand it.

There is nothing grey about it. They are charging you a fee for raising money. It is exempt. It is what I do for a living.

If they charge you an annual administrative fee for managing the various investors, then that will attract VAT.

There is nothing grey about it. They are charging you a fee for raising money. It is exempt. It is what I do for a living.

If they charge you an annual administrative fee for managing the various investors, then that will attract VAT.

That's OK, I questioned it... and they got back to me.

You’re absolutely right that we’re VAT-exempt, and so the “applicable rate of VAT” is 0% for these purposes. We’ve put that in there on the very slim chance that HMRC someday challenged our exemption or the VAT rules changed to cover us, but both are highly unlikely, so for all intents and purposes it will be a flat 7.5% and nothing more.

I said they, but I should've said their CEO Jeff. Who also said:

In terms of timing, once you submit your listing, we still need to review and approve it (our formal approval is what makes it legal to open this up to general investors). Normally this process can take a few weeks (and that’s what a screen will tell you after you press submit), but I’ve told our investment team that because you’ve done such an amazing getting your investors lined up, they are to super fast-track you. Hopefully this means the turnaround will be 24 hours, but depending on exactly what comments they have and what other information they may need, it could be marginally longer. If you have any concerns at all as you go through the process, please don’t hesitate to drop me a line or give me a ring.

So even though I hit the button this evening, it will be at least 24 hours before it appears, though shouldn't take much beyond that.

I wonder whether they google portions of their own emails and have seen this thread?

Their cash transfer time seems erratic. Took 12 hours for my deposit to get registered with them and it got allocated to my account by Seedrs at about the same time as the people up thread who sent money over much later - so it sounds a bit of a manual allocation process. Entirely possible then that people who are transferring money now will miss the 8pm kick off. However, since Seedrs can't complete their due diligence until the application is submitted I'll be surprised if it goes live today.

Maybe I gazzumped you, but the post ^^^ says it will go live no sooner than tomorrow (Wednesday) based on my hitting submit on the proposal this evening.

Which buys any investors waiting to be approved a little more time.