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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Introduction to Tax Advantaged Share Schemes: Setting up a scheme: Amended returns

A penalty of up to £5,000 may arise if a return contains a material inaccuracy which is careless or deliberate and is not corrected by an amended return. 

A company must submit an amended return it if becomes aware:

  • that information was omitted from the return submitted,
  • that the submitted return includes something that should not have been included, or
  • of any other error or inaccuracy in the return.

Once the company has identified the inaccuracy, it must submit the amended return “without delay”.