ICAEW EMI Valuations
HMRC-Approved in 5–10 Days.
Defensible EMI share valuations for UK SMEs. We agree your AMV and UMV with HMRC’s Shares and Assets Valuation team so your option holders keep the EMI tax reliefs — at a fixed fee, partner-led, no junior analysts.
Get the EMI valuation right, or your employees lose the tax relief.
EMI is the most tax-efficient option scheme in the UK — but only if the valuation is defensible and agreed with HMRC before grant. Three reasons founders engage us.
HMRC certainty before grant
An agreed AMV and UMV protects your option holders from a future HMRC challenge. Without it, employees risk losing CGT treatment and getting hit with income tax and NIC on exercise.
The 90-day window is unforgiving
HMRC-agreed EMI valuations are only valid for 90 days. Miss the window and the whole submission is wasted. We schedule the valuation around your grant date so the window doesn’t lapse.
Mistakes invalidate the scheme
An undocumented valuation, the wrong methodology, or breaching the £250k individual / £3m company UMV limits can void EMI status entirely. ICAEW-grade work prevents that.
Three steps. 5–10 days to report. Partner-led throughout.
No handoffs to junior analysts. No template output. Every EMI valuation is prepared and signed off personally by an ICAEW Chartered Accountant.
Submit your details
Send 3 years of accounts and your cap table. We confirm scope and fixed fee within one business day — no procurement runaround.
Modelling & methodology
We apply HMRC’s prescribed approach: DCF, normalised EBITDA multiples, and comparable transactions, calibrated to your sector. AMV and UMV are derived from first principles.
HMRC SAV submission
Report and VAL231 submitted to HMRC’s Shares and Assets Valuation team. We handle follow-up questions until agreed, then you have a 90-day grant window.
A complete, HMRC-ready EMI valuation pack.
- ✓AMV & UMV per shareBoth values derived and documented, with the discount rationale HMRC expects to see.
- ✓Methodology memorandumDCF, EBITDA multiples and comparable transactions, with sources, sector benchmarks and sensitivities.
- ✓VAL231 submission to HMRCWe prepare and submit the formal HMRC EMI valuation request and handle correspondence end-to-end.
- ✓Cap-table impact analysisConfirmation that the proposed grants sit within the £250k per-employee and £3m company UMV limits.
- ✓Board pack & option deed supportPlain-English summary you can drop into your board minutes and share with your option scheme lawyer.
- ✓90-day grant calendarWe diary your HMRC validity window so grants happen before it lapses.
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 EMI valuation is prepared and signed personally. No analyst stack. No template report. The same person who quotes you is the person HMRC corresponds with.
Founders and finance directors who chose ICAEW over a template.
Setting up an EMI scheme felt daunting until we found Consult EFC. The valuation was handled entirely professionally, Kishen kept us informed at every stage, and HMRC accepted it without challenge.
We were preparing for a Series A and needed a valuation that would hold up under investor scrutiny. Kishen delivered a report our lead investor called one of the most rigorous they had seen from an SME.
We used an online valuation 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.
Is an EMI valuation required by HMRC?
HMRC does not legally require an agreed EMI valuation, but agreeing the AMV and UMV with HMRC’s Shares and Assets Valuation team before grant gives certainty that option holders will receive the EMI tax reliefs. Without it, employees and the company carry significant tax risk.
How long is an EMI valuation valid for?
An HMRC-agreed EMI valuation is valid for 90 days from the date of agreement. All EMI options must be granted within that 90-day window. We schedule the valuation around your planned grant date so the window does not expire.
How long does an EMI valuation take?
We typically deliver an EMI valuation report in 5 to 10 business days once we have your accounts and cap table. HMRC’s Shares and Assets Valuation team usually responds within 4 to 6 weeks of submission.
What is the difference between AMV and UMV?
AMV (Actual Market Value) reflects the price an option holder would pay for the shares including any restrictions, such as leaver provisions. UMV (Unrestricted Market Value) ignores those restrictions and is used to check the £250,000 individual and £3m company EMI limits.
How much does an EMI 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 size, share structure complexity and whether other classes of shares are in issue. There are no hourly charges and no surprises.
Do you submit the EMI valuation to HMRC for us?
Yes. We prepare the VAL231 submission, the supporting valuation report and the methodology memo, and submit directly to HMRC SAV on your behalf. We handle any follow-up questions HMRC raises until the valuation is agreed.
A number HMRC will agree, signed off by an ICAEW Chartered Accountant.
- Fixed fee, quoted within one business day
- Report in 5–10 business days
- VAL231 prepared and submitted to HMRC for you
- Partner-led from quote to agreement — no junior analysts
- Confidential. Used by SME owners across the UK.
Prefer to talk? +44 7767 629 008 · info@consultEFC.com