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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Enterprise Management Incentives (EMI): Option notifications: Annual returns – 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 (paragraph 57C(1)(b)).

A company must submit an amended return if:

  • It becomes aware that information was omitted from the return submitted;
  • It becomes aware that the return submitted includes something that should not have been included; or
  • It identifies any other error or inaccuracy in the return (paragraph 52(7)).

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