The Inland Revenue has warned firms that they could face fines of £300 should they fail to file employee share returns before the July deadline.
Employers who operate approved schemes such as share incentive plans and enterprise management incentives have up to 92 days from the end of the previous tax year to report any new purchases or securities.
According to the UK tax authority, failure to meet this deadline may attract an initial fine of £300, with subsequent daily fines levied at as much as £60 for every day that the return remains outstanding.
"The new penalty provisions and our new practice will not affect the large number of companies who continue to provide information or returns within the time allowed," the Revenue explained in its Share Focus publication, adding:
"But they should encourage companies who previously failed to provide that information to adhere to their statutory obligations."
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