ICAEW EIS & SEIS Share Valuations
Investor-Ready in 5–10 Days.
Independent share price justification for UK SEIS and EIS rounds – gross assets analysis, trading status review, use-of-funds modelling and the valuation memo your VCT, EIS fund or angel investors will ask for. Partner-led by an ICAEW Chartered Accountant, fixed fee, no junior analysts.
Set the EIS/SEIS price wrong and your investors lose their relief – three years later.
HMRC doesn't pre-approve your share price, but they audit it when investors claim relief. Sophisticated investors (VCTs, EIS funds, angel syndicates) won't subscribe without an independent memo. Three reasons UK founders engage us for SEIS/EIS rounds.
The SEIS1 / EIS1 is signed under penalties
The compliance statement you file to issue SEIS3 / EIS3 certificates is signed under penalties of perjury. If HMRC later disputes the share price, your investors lose 30%–50% of their relief – and they come back to you. An independent valuation memo is the standard defence.
VCTs & EIS funds require an independent memo
Almost every EIS fund and VCT investment committee asks for a third-party valuation memo before they subscribe. A founder-set price won't clear their compliance – and re-pricing mid-round can collapse the entire 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, age limits and prior funding all narrow eligibility further. We model these alongside the share price so the whole round is documented in one pack.
Three steps. 5–10 days to memo. Partner-led throughout.
No handoffs to junior analysts. No template output. Every EIS / SEIS valuation memo is prepared and signed off personally by an ICAEW Chartered Accountant – ready to share with your investors, fund or scheme lawyer.
Submit your round details
Send your latest accounts, cap table, the draft term sheet and a short use-of-funds note. We confirm scope and fixed fee within one business day.
Valuation & eligibility analysis
We derive a defensible share price using DCF, VC-method backsolve, comparable 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 valuation memo, the eligibility analysis and supporting workings – ready to share with your EIS fund, VCT, angel syndicate or scheme lawyer for the SEIS1 / EIS1 filing.
A complete, investor-ready SEIS / EIS valuation pack.
- ✓Independent share price memoSigned valuation memo with the price-per-share derivation, methodology and sensitivities – the document your EIS fund or VCT investment committee needs to subscribe.
- ✓Pre-money & post-money valuationBoth derived using DCF, VC-method backsolve, comparable transactions and recent funding benchmarks – with sources and sector multiples.
- ✓SEIS & EIS gross assets analysisBalance sheet modelling around the round so you can confirm you stay within the £350k SEIS / £15m EIS caps and document it for the SEIS1 / EIS1.
- ✓Trading status & eligibility reviewCheck against excluded activities, qualifying trade rules, age limits and the lifetime funding cap (£250k SEIS, £12m EIS) – flagged before you file.
- ✓Use-of-funds modellingYear-1 to year-3 use-of-funds schedule showing how the raise will be spent on qualifying activities – required for advance assurance.
- ✓Advance assurance support packFinancial sections drafted to slot straight into your advance assurance application alongside the legal documents from your scheme lawyer.
Kishen Patel – ICAEW Chartered Accountant, BFP ACA
Kishen has over 12 years across Big Four audit (Deloitte), investment banking, and corporate advisory. He founded Consult EFC to give ambitious UK SMEs access to the same calibre of financial thinking previously reserved for large corporates – at a fee that makes sense for a growing business.
Every EIS / SEIS valuation memo is prepared and signed personally. No analyst stack. No template report. The same person who quotes you is the person whose name is on the memo your investors and HMRC will see.
Founders raising SEIS & EIS who chose ICAEW over a template.
The work was handled entirely professionally. Kishen kept us informed at every stage and the report was exactly what our advisers needed.
We needed a valuation that would hold up under outside scrutiny. Kishen delivered a report that was called one of the most rigorous our advisers had seen from an SME.
We used an online tool before speaking to Consult EFC. The difference was night and day. The figure was materially higher and fully defensible.
What founders ask before instructing us on an SEIS / EIS round.
Does HMRC require a formal valuation for SEIS or EIS?
HMRC doesn't mandate a formal valuation report for SEIS or EIS – but the share price you set must be reasonable, and the SEIS1 / EIS1 compliance statement is signed under penalties. If investors are sophisticated (VCTs, angel syndicates, EIS funds), they will almost always require an independent valuation memo before subscribing, and HMRC can challenge the price years later when investors claim 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 and £16m after. We model the impact of the round on the balance sheet so you can confirm you remain within the limit and document it for the compliance statement.
Can you help with advance assurance?
Yes. We provide the financial sections of the advance assurance application – share price justification, gross assets analysis, use-of-funds modelling and the trading status review – to sit alongside the legal documents from your scheme lawyer or accountant.
How long does an EIS / SEIS valuation take?
We typically deliver a signed valuation memo in 5 to 10 business days once we have your latest accounts, cap table, a draft of the term sheet and a short use-of-funds note. Urgent rounds can be accommodated.
How much does an EIS / SEIS valuation cost?
We quote a fixed fee up-front, typically a fraction of what a Big Four firm would charge for the same scope. The fee depends on company stage, complexity of the cap table and whether convertible instruments are in issue. No hourly charges and no surprises.
Do you work alongside our scheme lawyer or fund?
Yes. We routinely work with EIS funds, angel syndicates, VCTs and the scheme lawyers preparing your SEIS/EIS documentation – providing the independent valuation memo their investment committee or compliance team needs to sign off the round.
An investor-ready memo, signed off by an ICAEW Chartered Accountant.
- Fixed fee, quoted within one business day
- Valuation memo in 5–10 business days
- Gross assets, trading status & use-of-funds analysis included
- Partner-led from quote to signed memo – no junior analysts
- Confidential. Used by UK founders raising SEIS & EIS.
Prefer to talk? +44 7767 629 008 · info@consultEFC.com