Companies will now be able to file their employee share scheme returns online, HM Revenue & Customs has announced.
Instead of having to fill in paper forms companies now have the option to send annual information about their Share Incentive Plan, Save As You Earn, Company Share Option Plan and non-tax advantaged shares and securities events to HM Revenue & Customs via the web.
The Employee Share Schemes (Electronic Communication of Returns and Information) regulations came into force on 6 April.
Colin Gibson, head of the Employee Shares and Securities Unit at HM Revenue & Customs, said: “It will help reduce companies 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 added.