When you hear the term Employment Related Securities what do you think? Do you know this term is used to refer to both tax advantaged schemes such as EMI, CSOP, SIP and non-tax advantaged schemes where options can be granted or shares gifted/sold to employees? Do you understanding all the reporting requirements involved? Do you know how to register for the service? Do you understand the tax implications and whether a scheme is tax advantaged or not? Do you even want to know, or is your time better spent elsewhere growing the business?
Where you are considering using share schemes to incentivise employees or merely awarding an employee with a bonus in the form of shares, these are questions that should be asked.
Following the filing changes so that all reporting must now be done online, the ERS online service has proven not to be a user friendly service. This has led to numerous employers getting in touch with us to assist with the filing of their annual returns and in the other cases where they have missed the 92 day notification deadline for EMI share options. The latter can have serious tax consequences. Where the notification is not made on time the EMI scheme would lose the numerous tax advantages that go with EMI scheme and instead for tax purposes would be treated as a non-tax advantaged scheme. The current deadline for ERS online filing is Friday 6th July 2018 – just over eight weeks away.
Our flyer touches on the recent filing changes as well as the additional specialised services we can offer to you. Get in touch and don’t leave it too late.
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