Home > News & Insights > The HMRC Deadline For Employee Share Plans is 6 July 2015 - Are You Registered?

The HMRC Deadline For Employee Share Plans is 6 July 2015 - Are You Registered?

Date: 30/06/2015 | Corporate, Employment & HR

New reporting requirements for businesses operating employee share plans mean that any business operating HMRC approved tax-advantaged share plans will have to register online with the HMRC PAYE Portal by 6 July 2015 in order to continue to receive those tax benefits and avoid penalties for missing the deadline.

Those businesses who do not register their schemes in time will be liable to forfeit the tax benefits of the particular scheme.  Each scheme needs to be registered separately and include the following:

  • Enterprise Management Incentives (EMI);
  • Share Incentive Plans (SIP); &
  • Company Share Option Plans (CSOP).

The new reporting requirements also apply to non tax-advantaged share plans which can either be registered separately or under a single registration.

This requirement may well have been reported to you by your accountant, who should also be able to advise you as to how to complete the registration formalities. If they have not notified you, we would urge you to get in touch with them immediately to ensure matters are being dealt with.

If you are unsure as to whether the share plan you operate is affected please do not hesitate to contact the Davidson Chalmers Corporate Team.  

Disclaimer 
The matter in this publication is based on our current understanding of the law.  The information provides only an overview of the law in force at the date hereof and has been produced for general information purposes only. Professional advice should always be sought before taking any action in reliance of the information. Accordingly, Davidson Chalmers LLP does not take any responsibility for losses incurred by any person through acting or failing to act on the basis of anything contained in this publication.
 


Written by

Latest Updates

Want to get even more insight from Davidson Chalmers Stewart?

Keep your organisation up to date with the latest opportunities and changes in commercial law with regular insight and updates from the experts at Davidson Chalmers Stewart.
 

Let's Talk

A typical law firm? Not really. But a partner for the people and businesses we work with? Absolutely.

Our determination to do things a better way is nothing without our clients. So if you like what you see and think we’d make a good team, let’s talk. Pick up the phone and call us direct or make specific enquiries to our individual email addresses across the website. Alternatively use the form to submit general questions and comments.

Either way, we’ll get the message.

Edinburgh

t0131 625 9191

Glasgow

t0141 428 3258

Galashiels

t01896 550991