yes, I've come to this second hand and am not across the whole process. I think the question is coming from the fact that it seems costly 9company pays outside provider) to have to value every 60 days. Do you have to value every 60 days regardless? The company is hiring new employees every few months so issuing options every few months and will probably raise funds once every year.
Thanks. I was unclear on my question. If the option valuation on 1 Jan is £10 and circumstances change (e.g. capital is raised) on 1 April, is there a fine if new valuation is requested 1 Aug rather than by 1 June (within 60 days)?
Thanks. I did a bit of reading this morning and it seems like the supplier should include VAT on the invoice even if it is shipped to the USA. So on your point 1, then, I agree assuming supplier puts VAT on invoice.
The business is a research study on nutrition. The main study takes place in the UK, however there will be a very small study in the US. All components such as medical devices will be shipped from supplier country of origin to the US. Medical sample results will then be shipped from US to supplier country of origin (European). All supplier invoices will be to the UK VAT registered company. The company is at research stage so has no customers or revenue. Thanks, Margaret
I'm probably ok on the rates side for now, but will be in touch if I need a good comparison. Thanks,
Thanks for the really useful advice.
Thanks Leanne. I'll give them a call Monday - they get good reviews.
Thanks Stella. I may not have been totally clear. We obtained the advance assurance and then followed the next step which was completing "Seed Enterprise Investment Scheme Compliance Statement" form. We fulfilled the form criteria as per below. I don't see anything about "risk to capital requirements" on that form. Are you referring to this form? Thanks, Margaret
"A company which has issued shares on which investors hope to claim relief under the Seed Enterprise Investment Scheme must use this form to provide its Compliance Statement as required by Section 257ED Income Tax Act 2007. This form cannot be submitted to us until the company has met either of the following criteria: • at least 70% of money raised by the relevant share issue has been spent for the purposes of the qualifying business activity for which it was raised • the new qualifying trade which constitutes the qualifying business activity or to which that activity relates has been carried on by the company issuing the shares or a qualifying 90% subsidiary of that company for at least 4 months"
FRS102 would and in this instance as the company has no major complicated accounting issues the accounts would look very similar. However, for EU and US account standardisation purposes the company wants preparation under the above mentioned framework.
Thanks all. I got the internet verus .net distinction today. We need to move to.net which is what I used before. That offers the required functionality. I will probably stick with Barclays as although a bit clunky it works. Useful to hear that HSBC.net is okay. It would be interesting to hear about experience of equivalent systems at SVB or Metro bank.