Enterprise Management Incentive (EMI) Valuations
HMRC-Approved in 5–10 Days.
Defensible, strictly compliant EMI share valuations for UK SMEs. We accurately determine and agree your Actual Market Value (AMV) and Unrestricted Market Value (UMV) directly with HMRC’s Shares and Assets Valuation (SAV) team, ensuring your option holders safely keep their vital Capital Gains Tax (CGT) reliefs. Partner-led, fixed fee, no junior analysts.
Get the EMI valuation right, or your employees lose their tax relief.
Enterprise Management Incentives (EMI) are the single most tax-efficient employee share option scheme in the UK – but only if the equity valuation is highly defensible and formally agreed with HMRC before the actual grant. Here are three crucial reasons UK founders engage us.
HMRC SAV certainty before grant
An agreed AMV and UMV legally protects your option holders from a brutal future HMRC challenge. Without it, employees risk entirely losing their Capital Gains Tax (CGT) treatment and getting hit with severe Income Tax and National Insurance (NIC) charges upon exercise.
The 90-day statutory window is unforgiving
HMRC-agreed EMI valuations are strictly valid for 90 days. Miss this legal window and the whole VAL231 submission is wasted. We meticulously schedule the valuation around your planned grant date so the compliance window doesn’t lapse.
Mistakes invalidate the EMI scheme
An undocumented valuation, a flawed corporate finance methodology, or accidentally breaching the £250k individual / £3m company UMV limits can brutally void EMI status entirely. ICAEW-grade forensic work wholly prevents that disaster.
Does your company qualify for EMI?
HMRC sets clear qualifying criteria for both the company and the employees receiving options. We check this with you before any valuation work begins, so you never pay for a scheme that HMRC won’t recognise.
- Gross assets of £30 million or lessMeasured across the whole group at the time options are granted.
- Fewer than 250 full-time equivalent employeesPart-time staff count on a pro-rata basis toward this limit.
- An independent trading companyCarrying on a qualifying trade, and not more than 25% owned by another company.
- Employees working 25+ hours a weekOr at least 75% of their working time, for the company. Consultants and non-execs are not eligible.
Three steps. 5–10 days to report. Partner-led throughout.
No handoffs to junior analysts. No generic template output. Every EMI valuation is rigorously prepared and mathematically signed off personally by an ICAEW Chartered Accountant.
Submit your financial details
Send 3 years of statutory accounts and your current cap table. We swiftly confirm the scope and send a fixed-fee agreement within one business day – absolutely no procurement runaround.
Modelling & methodology
We rigorously apply HMRC’s prescribed corporate finance approach: DCF models, normalised EBITDA multiples, and comparable M&A transactions, precisely calibrated to your sector. AMV and UMV are derived securely from first principles.
HMRC SAV official submission
The ICAEW report and VAL231 form are submitted directly to HMRC’s Shares and Assets Valuation team. We seamlessly handle all follow-up questions until firmly agreed, granting you a secure 90-day execution window.
A complete, HMRC-ready EMI valuation compliance pack.
- AMV & UMV per share calculatedBoth values accurately derived and documented, with the specific minority discount rationale HMRC explicitly expects to see.
- Methodology memorandumDCF, EBITDA multiples and comparable transactions, packed with verified sources, sector benchmarks, and sensitivities.
- VAL231 submission to HMRCWe flawlessly prepare and submit the formal HMRC EMI valuation request and handle all correspondence end-to-end.
- Cap-table impact & limits analysisStrict mathematical confirmation that the proposed option grants sit safely within the £250k per-employee and £3m company UMV statutory limits.
- Board pack & option deed supportA plain-English summary you can effortlessly drop into your board minutes and share seamlessly with your share scheme lawyer.
- 90-day grant calendar trackingWe actively diary your HMRC validity window so option pool grants happen safely before the legal clearance lapses.
Kishen Patel – ICAEW Chartered Accountant, BFP ACA
Kishen possesses over 12 years of deep experience across Big Four audit (Deloitte), investment banking, and UK corporate advisory. He founded Consult EFC to give ambitious UK SMEs seamless access to the same calibre of financial modelling previously reserved exclusively for large corporates – at a fee that makes total sense for a growing startup.
Every single EMI valuation is prepared and signed personally. No outsourced analyst stack. No generic template report. The exact same professional who quotes you is the person HMRC corresponds with during the clearance process.
Founders and finance directors who chose an ICAEW expert over a software template.
Setting up our employee EMI scheme felt daunting until we found Consult EFC. The share valuation was handled entirely professionally, Kishen kept us informed at every stage, and HMRC SAV accepted it without a single challenge.
We were actively preparing for a Series A and needed a valuation that would hold up under intense VC investor scrutiny. Kishen delivered a report our lead investor called one of the most rigorous they had seen from an SME.
We used an automated online valuation tool before speaking to Consult EFC. The difference was literally night and day. The AMV figure was materially higher, far more accurate, and fully mathematically defensible.
What UK founders ask before instructing us.
Is an EMI valuation required by HMRC?
HMRC does not strictly legally require an agreed EMI valuation, but formally agreeing the Actual Market Value (AMV) and Unrestricted Market Value (UMV) with HMRC’s Shares and Assets Valuation team before grant gives absolute certainty that option holders will receive the EMI tax reliefs. Without it, employees and the company blindly carry significant Income Tax and National Insurance (NIC) risk.
Does my company qualify for an EMI scheme?
Broadly, your company must have gross assets of £30 million or less, fewer than 250 full-time equivalent employees, carry on a qualifying trade, and not be more than 25% owned by another company. Certain sectors, including banking, property development, farming and legal services, are excluded from EMI. We confirm eligibility as the first step of every engagement.
Can EMI options be granted to consultants or non-employees?
No. EMI options can only be granted to genuine employees who work at least 25 hours a week, or 75% of their working time, for the company. Consultants, contractors and non-executive directors are not eligible for EMI and would need an unapproved option scheme or a different structure instead.
How long is an EMI valuation valid for?
An HMRC-agreed EMI valuation is strictly valid for 90 days from the date of formal agreement. All EMI options must be legally granted within that 90-day statutory window. We proactively schedule the valuation around your planned grant date so the window does not expire prematurely.
How long does an EMI valuation take?
We typically deliver the forensic EMI valuation report in 5 to 10 business days once we have your accounts and cap table. HMRC’s Shares and Assets Valuation (SAV) team usually responds within 4 to 6 weeks of our initial submission.
What is the difference between AMV and UMV?
AMV (Actual Market Value) reflects the precise price an option holder would pay for the shares including any restrictions, such as leaver provisions or minority discounts. UMV (Unrestricted Market Value) ignores those restrictions entirely and is statutorily used to check the £250,000 individual and £3m company EMI limits.
How much does an EMI valuation cost?
Fixed fees start from £1,495 plus VAT for a single share class standard EMI grant, quoted up-front once we understand your cap table. The fee depends on company size, share structure complexity, and whether other classes of shares are in issue. There are absolutely no hourly charges and no surprises.
Do you submit the EMI valuation to HMRC for us?
Yes. We comprehensively prepare the VAL231 submission, the supporting ICAEW valuation report, and the methodology memo, and submit directly to HMRC SAV on your behalf. We seamlessly handle any follow-up questions HMRC raises until the valuation is formally agreed.
A number HMRC will definitively agree, signed off by an ICAEW Chartered Accountant.
- Fixed fee from £1,495, quoted securely within one business day
- Full Report generated in 5–10 business days
- VAL231 prepared and submitted to HMRC for you
- Partner-led from quote to agreement – no junior analysts
- Confidential. Relied upon by SME founders across the UK.
Prefer to talk first? +44 7767 629 008 · info@consultEFC.com