HMRC Gives Employers More Time To Lodge Annual Share Scheme Returns
HMRC has extended the due date for filing employment related securities (ERS) annual returns from 6 July 2017 to 24 August 2017.
All employers who give shares to their employees (including directors), or who operate tax advantaged and non-tax advantaged share schemes and arrangements for their employees, are required to register using HMRC’s online ERS service and must file an annual return.
Returns are typically due by the 6th of July following the tax year to which they relate. However for the 2016/17 tax year HMRC has extended the deadline from 6 July 2017 to 24 August 2017, in recognition of recent problems encountered by taxpayers trying to submit returns using the online ERS service.
The extension only applies to the filing of returns for existing schemes and the deadline has not been extended for new scheme registrations.
Before a return can be lodged, an employer must first register their scheme using the online ERS service. Following registration the ERS service will allocate a unique scheme reference number. This number should be retained for use when filing an annual return.
Returns not lodged by the new deadline of 24 August 2017 will be subject to a late filing penalty of £100, which will be issued on 25 August 2017.
An additional automatic penalty of £300 will be charged if the return is still outstanding three months after the original deadline of 6 July, and a further £300 will be imposed if a return is outstanding six months after that date. If a return is outstanding for nine months after the 6 July, daily penalties of £10 a day may be charged.
Posted on 08/08/2017 by Ortolan
