Specialist motorsport accountants Harris & Co have just completed another SEIS application for a motorsport business.
Motorsport accountant Phil Harris says "There have only been about 400 SEIS applications so far since the scheme was launched. We"ve done quite a few of these now and it is a great way for motorsport businesses, especially the smaller businesses, to raise money to grow and expand. The latest SEIS application that we have prepared is for a company that want to develop a low cost single seat race car. It is aimed at young drivers who want to makie the transition from karts to cars, but without having to risk the big costs of say MSA Formula Four. Without SEIS, the business would not have been able to raise the necessary funds to be able to commence manufacture. There are some great tax breaks for investors under the scheme."