10 April 2007

HM Revenue and Customs (HMRC) is hoping that a new online system will help to cut the red tape faced by companies.

Organisations will now have the option to use the Internet when filing their employee share schemes, rather than relying on paper forms.

The Save As You Earn, Company Share Option Plan, Share Incentive and non-tax advantages shares and securities can all be completed online.

Colin Gibson, Head of the Employee Shares and Securities Unit, said that using the Internet helped to reduce the number of errors which occur and provides immediate feedback to organisations.

"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," he added.

HMRC recently reminded some 1.7 million small enterprises of the benefits of sending their PAYE tax returns online.

Additionally, the body is offering a £150 tax-free payment to any companies willing to do so.

© Adfero Ltd

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