HM Revenue & Customs announced on Friday that companies can now file their employee share scheme returns online.
Instead of having to fill in paper forms, companies now have the choice to send in their annual information about their Share Incentive Plan, Save As You Earn, Company Share Option Plan and non-tax advantaged shares and securities events online.
Speaking as the 'Employee Share Schemes (Electronic Communication of Returns and Information) regulations' came into force, Colin Gibson, Head of the Employee Shares and Securities Unit, explained that:
"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."
He concluded:
"This new electronic filing facility takes forward our objectives on online services as outlined in the November 2006 report 'Delivering a new relationship with business: HMRC's plans to deliver a better service for business by 2010-11'."
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