ifs ProShare, a not for profit organisation concerned with the issues of employee share ownership and financial education in the workplace, highlighted the fact Share Scheme returns to HM Revenue & Customs can be submitted online from today.
Fiona Downes, Head of Employee Share Ownership at ifs ProShare said,
"From today, companies will be able to file their employee share scheme returns online.
Although paper based returns can still be submitted, I am sure that most companies and share scheme administrators will take advantage of the new online process which will save them both time and money."
Colin Gibson, Head of the Employee Shares and Securities Unit at HMRC, added:
"This is great news for companies. It will help reduce their administrative burden as our online service is a secure, quick and convenient way to file. Online filing also reduces errors and gives you immediate acknowledgment when you have filed."
The Employee Share Schemes (Electronic Communication of Returns and Information) Regulations 2007 came into force today (6 April 2007). As a result, companies will be able to report information about their Share Incentive Plan (Form 39), Save As You Earn (From 34), Company Share Option Plan (Form 35) events relating to employment-related securities (From 42) to HMRC electronically.
Further details can be found on the HMRC web site at: http://www.hmrc.gov.uk/shareschemes/returns-and-info.htm
