SEIS tax affairs

And gives me a bit longer to work out how I go about having to fill in a tax return

sigh

Might it be possiable for a company in that situation to never spend 70% of the shares amount raised?

So our advice is that the claim should not be submitted until 70% of the monies raised has been spent. On this note HMRC have made the point that if the company has other income arising (as I know you have done) then it considers that this is normally spent first before the money raised through the share issue.

So, you raise £100,000, and spend £60,000 of it getting the product up and running, and making profit sooner than expected. The company's cash in the bank never dips below the £40,000 level, as it's now running on the revenue being generated, therefore never hitting the 70% spend threshold.

I suspect that that is the situation that the 3 months trading is to cover though.

Another minor thing - is that 70% of the total that you raised (i.e. 70% of £50,000) or 70% of the money that you recieved (i.e.70% of (£50,000-£seeders took))?

All good fun.