Crowdfunding the creation of the next version of LFGSS

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.