Annual Return HMRC Concession
HMRC confirmed earlier this week that companies with no PAYE obligations do not need to register their non tax-advantaged share plans online and do not need to complete the "Form 42" annual return.
HMRC confirmed earlier this week that companies with no PAYE obligations do not need to register their non tax-advantaged share plans online and do not need to complete the "Form 42" annual return. The following circumstances must all be true for the concession to apply:
• Neither the company, nor any other company in the same group or under the same ownership, is registered for PAYE.
• The arrangements are not tax-advantaged schemes (that is, not company share option plans (CSOPs), SAYE option schemes, share incentive plans (SIPs) or enterprise management incentives (EMI) options).
• The company has no obligations to operate PAYE in respect of the reportable event.
• The company has no obligation to operate PAYE in respect of anything else it does.
The concession is only likely to be relevant to overseas companies with no taxable presence in the UK.
HMRC will update its website guidance to include this information as soon as possible.
If you have any queries regarding the registration and reporting of UK share plans, please contact me. The deadline for filing the various annual returns is 6 July 2015. Further information on the registration and reporting requirements can be found here.
• Neither the company, nor any other company in the same group or under the same ownership, is registered for PAYE.
• The arrangements are not tax-advantaged schemes (that is, not company share option plans (CSOPs), SAYE option schemes, share incentive plans (SIPs) or enterprise management incentives (EMI) options).
• The company has no obligations to operate PAYE in respect of the reportable event.
• The company has no obligation to operate PAYE in respect of anything else it does.
The concession is only likely to be relevant to overseas companies with no taxable presence in the UK.
HMRC will update its website guidance to include this information as soon as possible.
If you have any queries regarding the registration and reporting of UK share plans, please contact me. The deadline for filing the various annual returns is 6 July 2015. Further information on the registration and reporting requirements can be found here.