HMRC indicates real time information flexibility

Published:  29 Nov at 6 PM
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Her Majesty’s Revenue and Customs has indicated companies which reward their expat staff with shares may be able to avoid fines if they give a good reason for reporting late.

According to HMRC, they are taking a common sense approach to overseas companies in that they will not be expected to change their payroll operations if the existing practices are considered reasonable. The approach will include share options offered as securities to expat employees.

In its latest securities and employment-related shares bulletin, HRMC states that any decisions it takes on agreement over employers’ reasons for late submission of information regarding NIC and tax due or late payments will be influenced by common sense. The currently accepted practice as regards ‘sell all’, ‘sell to cover’, ‘self fund’ or ‘hold all’ will be allowed to continue.

However, it also states that overdue reports will be expected by the date of the next regular monthly payroll. It’s to be hoped that the unexpected loosening of HMRC’s grip on times and dates will benefit those involved.
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