ICAEW Certified EIS & SEIS Share Valuations
Investor-Ready in 5–10 Days.
Independent, fair market share price justification for UK Seed Enterprise Investment Scheme (SEIS) and EIS fundraising rounds. We handle gross assets analysis, trading status reviews, use-of-funds modelling, and supply the robust valuation memo your VCT, EIS fund, or angel syndicate demands. Partner-led by an ICAEW Chartered Accountant.
Set the EIS/SEIS price wrong and your investors lose their tax relief — years later.
HMRC doesn't pre-approve your unquoted share price, but they strictly audit it when your investors claim their tax relief. Sophisticated investors (VCTs, EIS funds, angel syndicates) won't subscribe without an independent pre-money valuation memo. Here are three reasons UK startup founders engage us for their funding rounds.
The SEIS1 / EIS1 is signed under penalties
The compliance statement you file to issue SEIS3 / EIS3 certificates to your investors is signed under penalties of perjury. If HMRC later disputes the share price, your investors lose 30%–50% of their tax relief — and they come back to you. An independent valuation memo is the standard defence.
VCTs & EIS funds require an independent memo
Almost every institutional EIS fund and VCT investment committee mandates a third-party share valuation memo before they subscribe. A founder-set price won't clear their compliance checks — and attempting to re-price mid-round can collapse the entire capital raise.
Gross assets & trading status limits are hard caps
SEIS caps gross assets at £350k before the round; EIS at £15m before / £16m after. Excluded trades, company age limits, and prior funding rounds all narrow your eligibility further. We model these alongside the share price so the whole round is rigorously documented in one compliance pack.
Three steps. 5–10 days to memo. Partner-led throughout.
No handoffs to junior analysts. No generic template output. Every EIS / SEIS valuation memo is prepared, calculated, and signed off personally by an ICAEW Chartered Accountant — ready to share with your syndicate investors, fund manager, or scheme lawyer.
Submit your round details
Send your latest startup accounts, cap table, the draft term sheet, and a short use-of-funds note. We confirm the scope and send your fixed-fee agreement within one business day.
Valuation & eligibility analysis
We derive a defensible share price using Discounted Cash Flow (DCF), VC-method backsolve, comparable M&A transactions, and recent funding benchmarks — alongside the SEIS/EIS gross assets test, trading status review, and use-of-funds modelling.
Investor-ready memo
You receive a signed corporate finance valuation memo, the complete eligibility analysis, and supporting financial workings — ready to present to your EIS fund, VCT, or scheme lawyer for the immediate SEIS1 / EIS1 filing.
A complete, investor-ready SEIS / EIS compliance pack.
- Independent Share Price MemoA signed valuation memo with the price-per-share derivation, financial methodology, and sensitivities — the exact document your EIS fund or VCT investment committee needs to execute the subscription.
- Pre-Money & Post-Money ValuationBoth derived using DCF, VC-method backsolve, and comparable startup funding benchmarks — backed by authoritative sources and sector revenue multiples.
- SEIS & EIS Gross Assets AnalysisDetailed balance sheet modelling around the current funding round so you can mathematically confirm you stay within the £350k SEIS / £15m EIS caps, ready to document for the SEIS1 / EIS1.
- Trading Status & Eligibility ReviewA direct check against HMRC’s excluded activities, qualifying trade rules, company age limits, and the lifetime funding cap (£250k SEIS, £12m EIS) — fully flagged before you file.
- Use-of-Funds Financial ModellingA structured Year-1 to Year-3 use-of-funds schedule showing exactly how the raise will be spent on qualifying business activities — a strict requirement for HMRC advance assurance.
- Advance Assurance Support PackFinancial sections drafted by a Chartered Accountant to slot straight into your HMRC advance assurance application alongside the legal instruments from your scheme lawyer.
Kishen Patel – ICAEW Chartered Accountant, BFP ACA
Kishen has over 12 years of experience across Big Four corporate audit (Deloitte), investment banking, and UK startup advisory. He founded Consult EFC to provide independent business valuations and give ambitious UK founders access to the same calibre of financial modelling previously reserved for large corporate M&A. If you are building toward an eventual sale or Series A, you can also benchmark your business using our free Exit Readiness Scorecard.
Every EIS / SEIS valuation memo is prepared and signed personally. No outsourced analyst stack. No generic template reports. The same certified accountant who quotes you is the person whose name is on the memo your investors and HMRC will scrutinise.
UK Founders raising SEIS & EIS who chose an ICAEW Chartered Accountant over a software template.
The work was handled entirely professionally. Kishen kept us informed at every stage of the fundraising, and the report was exactly what our VC advisers needed for compliance.
We needed a pre-money valuation that would hold up under intense outside scrutiny. Kishen delivered a report that was called one of the most rigorous our syndicate advisers had seen from an SME.
We used an automated online tool before speaking to Consult EFC. The difference was night and day. The figure Kishen provided was materially higher and fully mathematically defensible.
What UK founders ask before instructing us on an SEIS / EIS funding round.
Does HMRC require a formal valuation for SEIS or EIS?
HMRC doesn't mandate a formal valuation report for SEIS or EIS upfront — but the share price you set must reflect fair market value, and the SEIS1 / EIS1 compliance statement is signed under strict penalties. If your investors are sophisticated (VCTs, angel syndicates, EIS funds), they will almost always require an independent pre-money valuation memo before subscribing. Furthermore, HMRC can challenge the share price years later when your investors actually claim their income tax relief.
How does the SEIS / EIS gross assets test work?
SEIS requires gross assets of no more than £350,000 immediately before the share issue. EIS requires no more than £15m before the round and £16m after. We model the direct impact of the capital raise on your balance sheet so you can mathematically confirm you remain within the limit, properly documenting it for the compliance statement.
Can you help with HMRC Advance Assurance?
Yes. We provide the comprehensive financial sections of the Advance Assurance application — including share price justification, gross assets analysis, use-of-funds modelling, and the trading status review — designed to sit flawlessly alongside the legal documents from your scheme lawyer or startup accountant.
How long does an EIS / SEIS valuation take?
We typically deliver a signed corporate finance valuation memo in 5 to 10 business days once we have your latest filed accounts, current cap table, a draft of the term sheet, and a short use-of-funds note. Highly urgent funding rounds can be accommodated upon request.
How much does an EIS / SEIS valuation cost?
We quote a fixed fee up-front, typically representing a fraction of what a Big Four firm would charge for the exact same scope. The fee depends entirely on your startup’s stage, the complexity of your cap table, and whether convertible loan notes or Advance Subscription Agreements (ASAs) are currently in issue. No hourly charges and absolutely no surprises.
Do you work alongside our scheme lawyer or VC fund?
Yes. We routinely work in tandem with EIS funds, angel syndicates, VCTs, and the scheme lawyers preparing your SEIS/EIS legal documentation — seamlessly providing the independent valuation memo their investment committee or compliance team needs to officially sign off the round.
An investor-ready memo, signed off by an ICAEW Chartered Accountant.
- Fixed fee, quoted within one business day
- Valuation memo delivered in 5–10 business days
- Gross assets, trading status & use-of-funds analysis included
- Partner-led from quote to signed memo – no junior analysts
- Strictly Confidential. Trusted by UK founders raising SEIS & EIS capital.
Prefer to talk? +44 7767 629 008 · info@consultEFC.com