YBS Share Plans- Revenue and Customs (HMRC) - Online Filing and Registration

HM Revenue and Customs (HMRC) - online filing and registration

· April 2014 - employers will be required to register both new and existing share schemes with HMRC

· Schemes include Share Incentive Plan (SIP), Save As You Earn (SAYE), Company Share Option Plans (CSOP), Enterprise Management Incentives (EMI) and non-tax advantaged arrangements presently recorded on form 42

· Registration is required to enable online filing of annual returns; it is expected to be no more than a one off provision of basic information through the PAYE Online service

· When employers log on to the registration process they will be presented with various options including both registration of an employee share scheme and subject to meeting certain conditions, the self-certification process

· Employers must have registered and certified the scheme no later than 6 July following the end of the tax year during which the first award or grant was made

· Online filing will also be mandatory for all employee share schemes reportable under the annual share schemes process

· April 2014 - employers will have the ability to submit EMI1 online, and will subsequently be mandatory when legislation is enacted

· Forms 34, 35, 39, 40 and 42 must be submitted online from April 2015

Information currently required on completion of the above form is under review, along with the development of online intelligent forms which is expected to reduce the current form completion faced by employers offering share schemes.

For more information on the new HMRC proposal click here or contact the team at YBS Share Plans.