With 6th July deadline only a few weeks away and the Emergency Budget looming ever closer, companies still need to ensure the daily grind of “red tape” is not overlooked.
With the various reporting forms being complex, time consuming and easy to get wrong, it is not surprising that many clients often struggle in this area.
HMRC will not be issuing paper returns to companies this year so you need to be aware that it is your responsibility to obtain, complete and file a return for any reportable transaction – if your professional advisers have yet to raise this with you, you will need to act fast.
HMRC also announced that they were not accepting electronic submissions with effect from 1 April 2010 so any share scheme return will need to be submitted in paper format only.
So if you have granted, exercised, lapsed, or even released prior to 5th April 2010, you’ll need to get a move on!!
As well as Form 42, you may also need to complete other forms such as Forms 34, 25, 39 and Form 40 if you have an EMI scheme in place.
Beware of submitting an incorrect or incomplete return – the potential penalties can be significant bearing in HMRC do have the ability to charge penalties per reportable event. We also understand that HMRC have increased the resource they have available to police share scheme compliance.