Hello

Just a quick bulletin to say that HMRC have allowed employers another week in order to set up online filing for share and securities filing and file returns for the year ending 5 April 2015.

If you are running an SME this may well affect you and it seems that many companies don't realise their reporting obligations. There are a few exemptions from "employment related securities" online filing, however if your company is not listed and you have issued or transferred any shares to anyone outside of your close friends or family then you should check whether a return is required.

What is confusing is that if a return is required, then you are required to register a share scheme, even though you may not actually have any formal share scheme as such. See Reporting share events: deadline extended for 2014/15 returns  for more details.

HMRC may charge penalties for late returns, although it remains to be seen whether it will apply a soft touch for the first year of online share reporting. You may appeal a penalty if you have a reasonable excuse for not filing on time.

Another Budget tomorrow, so we will be back again very soon.

Nichola Ross Martin FCA Tax Director

www.rossmartin.co.uk

Your online Virtual Tax Partner®: practical support for accountants, tax advisers and their clients. 

Missed last time's update?

Nichola's SME Tax Update 17 June 2015

  • HMRC's recent climb down on late filing penalties
  • Non-residents and UK residential property: they have only 30 days to report the transaction with HMRC
  • FHL "what is business" for IHT Business Property relief? A new case features a multiple property Furnished Holiday lettings business and relief was denied.

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