AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
SEIS and EIS are UK tax reliefs for people who invest in your company, not grants to the company. SEIS gives investors 50% income tax relief on up to £200,000 a year in a company that has gross assets of up to £350,000, fewer than 25 employees and a trade under three years old, and the company can raise up to £250,000 under it; EIS gives 30% relief. Before raising, a company can ask HMRC for advance assurance that the shares are likely to qualify.
What the schemes do, and for whom
The Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS) reduce the income tax bill of investors who buy new shares in qualifying young companies. The company receives ordinary investment money; the relief is claimed by each investor after the company issues them a compliance certificate. This matters for a Nigerian founder in two ways: your company can be very attractive to UK-tax-paying angels, and the relief is worth nothing to an investor who has no UK income tax to reduce, which often includes family and friends in Nigeria.
The main limits
These figures are from Saffery's guide published 18 February 2026, which reflects changes for shares issued from 6 April 2026. Check HMRC's manuals before relying on them.
| SEIS | EIS | |
|---|---|---|
| Investor income tax relief | 50% | 30% |
| Investor annual limit | £200,000 | £1m (£2m if at least £1m is in knowledge-intensive companies) |
| Company gross assets | Up to £350,000 | £30m before and £35m after the issue (from 6 Apr 2026) |
| Employees | Fewer than 25 | Fewer than 250 (500 knowledge-intensive) |
| Company age | Trade under 3 years old | Generally 7 years from first commercial sale |
| Company raise | £250,000 under SEIS | £10m a year, £24m lifetime (£20m and £40m knowledge-intensive), from 6 Apr 2026 |
| Minimum holding | Conditions mirror EIS | At least 3 years |
Saffery also notes that a company that has already issued EIS or VCT shares cannot then use SEIS, so the usual order is SEIS first, then EIS. Shares must be issued fully paid in cash.
Traps for founders
You usually cannot claim on your own shares
Investors generally must not be "connected" with the company, for example as an employee or a paid director. Founders who work in the business are normally outside the relief. A business angel or an unpaid director may be treated differently, so take advice before a director invests.
Relief needs UK tax to set against
A 50% relief on a £20,000 SEIS investment is a £10,000 reduction in income tax, but only if the investor has at least that much UK income tax due. A Lagos-based uncle with no UK income gains nothing from the certificate, although he can still invest; see taking investment from Nigeria for the bank side.
Do not issue the wrong shares
Preference rights, guaranteed returns or arrangements to protect investors from loss can break the conditions, including the risk-to-capital condition HMRC asks every applicant to explain. Keep the shares ordinary and the paperwork clean.
Advance assurance, step by step
Advance assurance is optional. HMRC describes it as its view on whether a proposed investment would meet the scheme conditions, based on what the company tells it; it is not a general endorsement and does not confirm any particular investor qualifies. Many angels will not invest without it.
- A director, the company secretary or an authorised agent applies online through HMRC's sign-in service.
- Provide the amount you plan to raise, business plan and forecasts, latest accounts if any, current articles, register of members, the latest investor documents and details of trading and planned spending.
- Explain how you meet the risk-to-capital condition, and for EIS how the money supports growth.
- First-time applicants usually need to name prospective investors (or show evidence from a fund, platform or adviser).
- If assurance is given, raise the money, then submit a compliance statement so HMRC can authorise you to issue investor certificates.
HMRC gives no fixed timeline on the page, and an incomplete application gets no feedback, so check the list carefully. Questions go to enterprise.centre@hmrc.gov.uk.
Timing your round
The order of events matters more than founders expect. Apply for advance assurance before you take investors' money, because shares issued before you know whether they qualify cannot easily be fixed. Keep the SEIS round and any later EIS round as separate share issues. Watch the three-year trade age for SEIS: a business that started trading informally, for example selling to customers in Nigeria before the UK company existed, should ask an adviser when HMRC would treat the trade as having started. And keep the gross assets test in mind if a large payment, such as a grant or a customer deposit, is due to land just before the issue.
Worked example
Example only. A London fintech founded by two Nigerian graduates raises £150,000 under SEIS from six UK-resident angels. One angel invests £25,000 and has £30,000 of UK income tax due that year, so the 50% relief reduces her bill by £12,500. A seventh investor, a cousin in Abuja with no UK income, puts in £10,000 in the same round on the same terms but has no relief to claim. Total raised is £160,000, within the £250,000 SEIS limit.
Where Pryme fits
Investors and HMRC both want a tidy money trail. A Pryme Business Account keeps pounds received from investors separate from any naira operating funds, and the Finance agent can prepare a record of each subscription for a director to approve. Outside Nigeria, Pryme's services are provided through regulated partners. Founders on a visa should also read Innovator Founder visa costs.
Questions people ask
Can a Nigerian-owned UK company use SEIS?
Nationality of the founders is not one of the conditions listed in the guides we read. The company, its trade, size and age, and the shares must meet the rules; get advance assurance to check.
Can my investor in Nigeria claim SEIS relief?
The relief reduces UK income tax. An investor with no UK income tax liability has nothing to set it against.
How much can a company raise under SEIS?
Up to £250,000, according to Saffery's February 2026 guide. EIS limits are much higher.
Is advance assurance compulsory?
No. HMRC says it is optional, but many investors expect it before they commit.
Sources
- Saffery: EIS, SEIS, VCT and UK investment tax reliefs explained (18 Feb 2026) · accessed Oct 2026
- GOV.UK: Venture capital schemes, apply for advance assurance (updated 18 Dec 2024) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.