Companies who operate employee share incentive schemes, for example the tax advantaged EMI scheme, are required to submit information to HMRC in the form of an Employment Related Securities (ERS) annual return.
From 2014/15 onwards, companies have been required to submit their ERS annual returns online. The statutory deadline for submitting the return is 6 July following the end of the tax year to which it relates and there are penalties for failure to file by the due date. Penalties take the form of £100 for a late return. Further penalties of £300 are levied where the return remains outstanding for three and six months. Failure to submit a return within nine months from the due date may also incur daily £10 penalties.
Due to technical issues being experience by users of the online facility, HMRC have announced that the filing deadline for 2016/17 has been extended to 24 August 2017 from 6 July 2017.
The information in this article is believed to be factually correct at the time of writing and publication, but is not intended to constitute advice. No liability is accepted for any loss howsoever arising as a result of the contents of this article. Specific advice should be sought before entering into, or refraining from entering into any transaction.