The past year has seen major changes to the reporting requirements and administration of employee share schemes. In particular, HMRC introduced a new online filing system for share scheme returns.
Unfortunately, the new system got off to a bumpy start. The original filing deadline for 2014/15 returns was 6 July, however this was extended to 4 August due to a number of technical issues.
HMRC has now identified a number of cases where it can see that share scheme returns have been filed correctly but the data has been corrupted. HMRC has therefore begun sending out letters to the affected companies, asking them to resubmit their returns. The deadline for resubmission is 1 January 2016.
Please note that the letters are being sent directly to companies, even where an agent was appointed to deal with the filing. If you do not receive a letter from HMRC, your return is not affected and you do not need to take any action.
Finally, HMRC has expressed concern that more companies have registered share schemes than have filed returns. This suggests that there are companies who have not filed returns and may therefore be subject to penalties.
If you find you have a share scheme that we have not been involved with and you have not filed a return please get in touch with Charlie Burton, or your usual Ryecroft Glenton contact, as soon as possible on 0191 281 1292.