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Compulsory electronic reporting for share plans – the clock is ticking!

Compulsory electronic reporting for share plans – the clock is ticking!

Companies with HMRC approved share schemes (such as EMI, CSOP & SAYE) are required to file an annual return with HMRC by 6 July following each tax year.

Historically, this has been done in paper format, however for the tax year 2014/15 onwards these are required to be filed electronically.

Penalties will be levied automatically going forwards and the tax advantages secured under these schemes put at risk if electronic filing is not complied with in full and on time.

Before an electronic return can be submitted the employer must first register to use HMRC online services and receive log in details so please do not leave this as a last minute job. The employer must then register any share schemes online and at this point can authorise a tax agent to have access.

Please do not hesitate to contact Lesley Sutton on 01484 550 037 or email tax@revellward.co.uk if you operate a share scheme and would like assistance with registrations/filings.

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