All HMRC information about employment-related shares and securities has now been transferred to GOV.UK, the latest chapter in the transition of all Departmental material.
All information about employment-related shares and securities previously published on the HMRC website at http://www.hmrc.gov.uk/shareschemes/ has now been transferred over to the GOV.UK website.
The browse/menu page is www.gov.uk/business-tax/employment-related-securities .
This note prepared by HMRC gives some background to the transition and what that means for HMRC’s customers.
Six months left to register your share schemes to avoid penalties
7 January 2015
Many small employers may be unaware that by 6 July 2015 they need to register all employee share schemes with HM Revenue & Customs and file online returns. It is important that employers and their agents take action as early as possible to ensure that everything is in place in good time before the deadline.
Employers who fail to implement these major changes by July face:
loss of the tax advantages expected by their employees if a scheme remains unregistered penalties of up to £700 for a late return, with an extra £10 per day if the return is still outstanding after nine months a penalty of £5,000 for a material inaccuracy in a return which is not corrected without delay.
The changes include:
online filing for all share scheme forms from April 2015, including Share Incentive Plans (SIP) and unapproved arrangements and self-certification of Share Incentive Plans (SIPs), Save As You Earn (SAYE) schemes and Company Share Option Plans (CSOPs) from April 2014. In order to register with HMRC, the employer will need to provide HMRC with basic information such as their company registration number and unique tax reference number. Once the business has registered, HMRC will provide a unique scheme reference number.
Schemes only need to be registered once. However, HMRC must be notified of specific amendments to scheme rules as part of the annual online return process.
Consultation response on national insurance on securities for internationally mobile employees
11 February 2015
This consultation relates specifically to liability for earnings-related National Insurance Contributions from employment related securities income earned by internationally mobile employees.
The Government has published their response to the Internationally Mobile Employees (IMEs) and Employment-Related Securities (ERS) consultation .
Background
CIPP Policy News Journal
08/04/2015, Page 252 of 521
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